Austin office market grows finer with maturation

Transcription

1 Austin Office, Q Austin office market grows finer with maturation 9.3% 5,100,332 SF 1,674,961 SF 548,351 SF $37.62 PSF Figure 1: Net Absorption and Vacancy Net Absorption (000s SF) 2,200 *Arrows indicate change from previous quarter. Vacancy Rate (%) 26 1, (200) 11 (1,000) Q1 Q2 Q3 Q4 Total Annual Net Absorption Vacancy Rate Q CBRE Research 2019 CBRE, Inc. 1

2 Figure 2: Austin Office Market Statistics Net Total Total Avg. FSG Under Q Q Submarket Rentable Vacancy Availability Asking Construction Deliveries Net Net Area (%) (%) Rate ($) (SF) (SF) Absorption Absorption CBD 11,344, ,149, ,637 61,799 61,799 Class A 8,420, ,149, ,637 (24,122) (24,122) Class B 2,611, ,601 95,601 Northwest 14,865, , , , ,237 Class A 9,275, , , , ,870 Class B 5,411, (30,548) (30,548) Far Northwest 4,927, , ,329 12,504 12,504 Class A 3,408, , ,329 7,230 7,230 Class B 1,392, ,557 1,557 Northeast 2,103, ,390-41,907 41,907 Class A 1,031, , Class B 891, ,390-48,573 48,573 North 734, (3,464) (3,464) Class A N/A Class B 723, (3,464) (3,464) Central 1,957, ,770 26,391 28,237 28,237 Class A 522, ,770-10,210 10,210 Class B 1,245, ,391 10,955 10,955 Round Rock 923, ,476 1,725 1,725 Class A 210, ,476 (731) (731) Class B 670, (59) (59) East 1,186, , ,982 97,528 97,528 Class A 413, , ,812 90,077 90,077 Class B 663, , ,170 (4,044) (4,044) South 1,205, ,899 64,284 1,375 1,375 Class A 463, ,917 64,284 6,641 6,641 Class B 405, , Southeast 1,127, ,850-9,179 9,179 Class A 155, ,225 - (2,145) (2,145) Class B 876, ,625-11,783 11,783 Southwest 11,102, , , ,324 Class A 7,730, ,102-96,259 96,259 Class B 3,225, ,753-57,365 57,365 Austin Total 51,479, ,100,332 1,674, , ,351 Class A 31,632, ,696,582 1,447, , ,289 Class B 18,117, , , , ,342 Although Class C is not shown, totals are inclusive of all classes of data. Q CBRE Research 2019 CBRE, Inc. 2

3 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Figure 3: Austin Labor Force & Unemployment (%) (Thousands) 8 Forecast 1, , Source: Moody s Analytics, January Total Employment (Non-Farm) Unemployment Rate Figure 4: Historical Construction and Deliveries MSF Under Construction Delivered Construction Figure 5: Significant Leases / Sales of Q Figure 6: Q Signed Leases by Industry Lease (Tenant) Property Total SF Office Depot, Inc Amber Oaks H 77,789 Spredfast, Inc Ladera Bend 70,000 Microchip Technologies Park Centre 53,455 Sale (Building) Address Total SF Travis Oaks 5113 Southwest Pkwy 123,434 Anderson Tower 400 Anderson Lane 72,224 Source: CBRE Research, Real Capital Analytics, Q % 34% 9% 15% 8% 14% Technology Business Services Engineering Financial Health Other Q CBRE Research 2019 CBRE, Inc. 3

4 Figure 7: Historical Market Statistics CBD NORTHWEST FAR NORTHWEST * NORTHEAST ** NORTH CENTRAL*** NORTH** CENTRAL** ROUND ROCK EAST SOUTH SOUTHEAST** SOUTHWEST AUSTIN TOTAL Absorption (Net SF) 177,023 64, , ,300 97, , ,794 61,799 Asking Rent, Avg. Annual Delivered Construction (SF) , , , , , ,637 Vacancy Rate (%) Absorption (Net SF) 677, , , , , , , ,237 Asking Rent, Avg. Annual Delivered Construction (SF) , , , , , ,862 Vacancy Rate (%) Absorption (Net SF) N/A 366,763 79, , , ,820 77,807 12,504 Asking Rent, Avg. Annual N/A Delivered Construction (SF) N/A , ,329 Vacancy Rate (%) N/A Absorption (Net SF) N/A N/A N/A N/A N/A 64,819 (35,900) 41,907 Asking Rent, Avg. Annual N/A N/A N/A N/A N/A Delivered Construction (SF) N/A N/A N/A N/A N/A 0 115,000 - Vacancy Rate (%) N/A N/A N/A N/A N/A Absorption (Net SF) (109,170) 90, ,683 90, ,093 N/A N/A N/A Asking Rent, Avg. Annual N/A N/A N/A Delivered Construction (SF) ,962 46,000 N/A N/A N/A Vacancy Rate (%) N/A N/A N/A Absorption (Net SF) N/A N/A N/A N/A N/A (18,159) 45,653 (3,464) Asking Rent, Avg. Annual N/A N/A N/A N/A N/A Delivered Construction (SF) N/A N/A N/A N/A N/A Vacancy Rate (%) N/A N/A N/A N/A N/A Absorption (Net SF) N/A N/A N/A N/A N/A 52,348 (1,941) 28,237 Asking Rent, Avg. Annual N/A N/A N/A N/A N/A Delivered Construction (SF) N/A N/A N/A N/A N/A ,391 Vacancy Rate (%) N/A N/A N/A N/A N/A Absorption (Net SF) 8,592 26,097 41,367 19,892 18,801 (9,845) 899 1,725 Asking Rent, Avg. Annual Delivered Construction (SF) ,043 22, ,486 59,476 Vacancy Rate (%) Absorption (Net SF) 387,386 1,722 49,392 58, ,135 49,398 (24,059) 97,528 Asking Rent, Avg. Annual Delivered Construction (SF) - 30, , ,408 59, , ,982 Vacancy Rate (%) Absorption (Net SF) 83,355 25,359 70,143 33, ,472 23, ,221 1,375 Asking Rent, Avg. Annual Delivered Construction (SF) , ,246 64,284 Vacancy Rate (%) Absorption (Net SF) N/A N/A N/A N/A N/A 71,123 49,905 9,179 Asking Rent, Avg. Annual N/A N/A N/A N/A N/A Delivered Construction (SF) N/A N/A N/A N/A N/A 29, Vacancy Rate (%) N/A N/A N/A N/A N/A Absorption (Net SF) 205, , , , , , , ,324 Asking Rent, Avg. Annual Delivered Construction (SF) - 92,008 76,500 1,062, , ,500 - Vacancy Rate (%) Absorption (Net SF) 1,430, ,306 1,158,340 2,139,144 1,737,542 1,654,017 1,380, ,351 Asking Rent, Avg. Annual Delivered Construction (SF) - 122, ,702 2,747, ,549 1,712,012 1,207,610 1,674,961 Vacancy Rate (%) *Submarket created in 2013 **Submarket created in 2017 ***Submarket removed in 2017 Q CBRE Research 2019 CBRE, Inc. 4

5 CONTACTS CBRE OFFICES Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.