Austin leasing activity encompassing new leases and renewals went up from this time last year to 954,000 from 884,000 square feet. Net absorption is up 9% to 454,000 square feet and vacancy rates are down 90 basis points to 3.5% from year to year.

All that leads to an increase in rents. The Austin metro NNN average asking rent is at an all-time high of $22.62 per square feet, up 7.2% from $21.02 last year. The NAI Austin Retail Monthly Snapshot reports that with one of the strongest economies in the country over the past decade retail landlords in Austin have significantly benefitted.

The top transaction so far in 2022 is Brookshire Brothers signing a lease for 43,000 square feet at 20900 FM 1431 in Lago Vista.