Austin’s retail fundamentals have been holding steady in some metrics while exhibiting the impact of the pandemic in others, NAI Partners reported. As June ended, occupancy stood at 95.8%, unchanged from this time last year.
Of the 1.5 million square feet currently under construction, the availability rate stands at 52.3%. The Austin retail market has recorded 971,000 square feet of leasing activity—which is comprised of both new leases and renewals— down 39.2% from the year-ago period, according to NAI Partners’ Leta Wauson.
Additionally, the net amount of square feet absorbed stands at 557,000 square feet, with new supply delivering 615,000 square feet to the market year to date, of which 80.7% is occupied.
The average asking rent for retail space in Austin is at $21.87 per square foot on a triple-net basis, up 1.3% compared to this time in 2019, when it was $21.59 per square foot.
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.
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