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Austin Retail Fundamentals Hold Steady in Lockdown

Austin retail fundamentals weren’t shaken by the COVID-19 pandemic despites two months of closures, NAI Partners reported. Occupancy stood at 95.8% as of mid-May, equal to the same time last year.

Year to date, the Austin retail market has recorded 848,000 square feet of leasing activity—comprised of both new leases and renewals—on par from one year ago. In addition, the net amount of square feet absorbed (move-ins minus move-outs) stands at 555,000 square feet.

New supply has delivered 564,000 square feet to the market this year, of which 79% is occupied. The 1.5 million square feet now under construction is 49% occupied, according to NAI Partners.

The average asking rate for renting retail space in Austin was $21.74 per square foot on a triple-net basis as of mid-May. That was down slightly compared to this time in 2019 at $22.17 per square foot.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).