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Report: Vacancy Drops, Rental Rates Increase

AUSTIN-NAI REOC's Q2 office numbers show a 12.3% vacancy (from 14.7% the same quarter of last year) and rates at $24.80. Look for tightening vacancies and higher rents for the rest of the year.

By Amy Wolff Sorter | Updated on August 08, 2013

AUSTIN-The story for the area’s Q2 office sector can be summed up as follows: Lower vacancies; higher rents. Specifically, according to NAI REOC’s research, area-wide vacancy came in at 12.3% out of an inventory of 41 million square feet (versus the 14.7% reported during the same time a year ago) and average asking rents increasing $.50 to $24.80 per square foot.

The experts at NAI REOC note that the cause for these statistics is due to new jobs being added (28,700 during the past 12 months) and population growth (more than 25,000 new residents came to the area within the past year).

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