Retail Occupancy Remains Tight

Occupancy among retail product in Austin remained tight in November 2018, standing at 96%. The occupancy rate has hovered between 95.8%-96.1%, according to data released by NAI Partners.

The market recorded 1.2 million square feet of year-to-date net absorption, with new supply remaining level with demand at 1.5 million square feet so far in 2018. Of 52 properties with 757,000 square feet under construction, 52.4% is available for lease.

As of November 2018, 591 lease deals totaling 5,000 square feet and above took place, accounting for 1.8 million square feet of leasing activity. NAI Partner analysts noted that the average rental rate was $21.50 triple net, compared to the $21.49 reported in October 2018.

Pictured: Simon Property Group’s The Domain, Austin

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