Austin Retail Maintains High Occupancy Rates

Austin’s retail market maintained high occupancy at mid-year 2024 due to strong retail demand and new construction that came online mostly full. 

Austin posted 96.8 percent occupancy, based on Weitzman’s review of retail market conditions at mid-year 2024. The percentage is based on an inventory of approximately 52.6 million square feet. 

Retailer leasing is especially strong in second-generation space as demand focuses on existing retail centers due to exceptionally low new construction. 

Based on projects opening or announced for completion during the calendar year 2024, the market is on track to report approximately 572,000 square feet of construction in new and expanded retail projects. Grocer H-E-B dominates the forecasted construction total, with nearly half of the new space. 

New deliveries have not reached or exceeded the 1-million-square-foot point since 2016, when the market added 1.1 million square feet.