2019-07-11_DTZ戴德梁行_Office_Q4_2018_AUSTIN_OFFICE_2页_391kb
报告摘要
Austin Office Market Summary
Core Content
The Austin office market in Q4 2018 showed strong performance, driven by a robust local economy and continued demand for high-quality office space. Key indicators highlighted a low unemployment rate, significant job growth, and positive net absorption. The market also experienced a slight decrease in vacancy rates, particularly in the Central Business District (CBD), which maintained one of the lowest vacancy rates in the city.
Main Economic Indicators
- Austin Employment: Increased from 1,045,000 in Q4 2017 to 1,081,000 in Q4 2018.
- Austin Unemployment: Remained at 2.9%, one of the lowest in the top 50 U.S. metro areas.
- U.S. Unemployment: Decreased from 4.1% to 3.7%.
- Job Growth: The city added nearly 36,000 jobs between July 2017 and July 2018, with hiring up 14.3% during the same period.
Market Overview
- Overall Net Absorption (Q4 2018): 368,237 square feet.
- Overall Vacancy Rate: 10.6%, down 80 basis points from Q3 2018.
- CBD Net Absorption: 80,942 square feet.
- CBD Vacancy Rate: 7.7% for all classes, with Class A at 5.9%.
- CBD Asking Rent (All Classes): $52.91 psf, the highest in the region.
- CBD Class A Asking Rent: $58.16 psf, an increase of 6.8% year-over-year.
Submarket Performance
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Net Absorption (SF) | YTD Net Absorption (SF) | Under Construction (SF) | Avg Asking Rent (All Classes) | Avg Asking Rent (Class A) |
|---|---|---|---|---|---|---|---|---|---|
| CBD | 10,839,252 | 141,497 | 689,286 | 7.7% | 80,942 | 328,315 | 1,147,293 | $52.91 | $58.16 |
| Central | 1,171,016 | 34,574 | 94,492 | 11.0% | -23,083 | -41,056 | 205,161 | $38.70 | $48.68 |
| Far Northwest | 14,657,877 | 223,417 | 902,977 | 7.7% | 170,707 | 396,437 | 1,400,692 | $36.38 | $37.38 |
| North Central | 1,911,525 | 18,525 | 307,886 | 17.1% | 16,287 | -6,269 | 0 | $26.51 | $29.84 |
| Northeast | 2,190,315 | 128,585 | 234,095 | 16.6% | 12,294 | -167,236 | 115,000 | $24.30 | $32.19 |
| Northwest | 4,498,457 | 77,605 | 522,605 | 13.3% | 17,765 | -154,754 | 129,201 | $31.28 | $38.56 |
| South Central | 1,784,164 | 4,785 | 48,673 | 3.0% | 16,101 | 148,289 | 156,670 | $30.73 | $38.68 |
| Southwest | 10,718,223 | 472,326 | 816,837 | 12.0% | -11,299 | 45,459 | 59,476 | $37.09 | $34.87 |
| East | 614,717 | 0 | 91,128 | 14.8% | 9,583 | 160,449 | 609,305 | $42.85 | $45.25 |
| Austin Totals | 51,011,410 | 1,129,106 | 4,282,379 | 10.6% | 368,237 | 524,195 | 3,961,648 | $36.26 | $41.09 |
Key Lease Transactions 2018
- Domain 12: 320,000 SF leased by Confidential tenant in Far Northwest (FNW).
- Block 71: 307,000 SF leased by Indeed in CBD.
- Domain 10: 140,000 SF leased by Amazon in FNW.
- Research Park Plaza II: 135,813 SF leased by Visa in FNW.
Key Sales Transactions 2018
- Austin Oaks: 445,322 SF sold by Spire Realty Group to The Luzzatto Co., price undisclosed, in Northwest.
- Stonebridge Plaza I & II: 385,829 SF sold by KBS Realty to Intercontinental RE for $163,000,000 / $418 psf, in FNW.
- Domain 8: 291,058 SF sold by Shorenstein Properties to TIER REIT for $137,700,000 / $473 psf, in FNW.
- Domain Point I & II: 240,000 SF sold by Crow Holdings to TIER REIT for $66,420,000 / $277 psf, in FNW.
Outlook
The Austin office market remains resilient, with continued confidence in the local economy. Apple's $1 billion campus announcement in North Austin underscores the city's appeal as a tech and innovation hub. Despite high construction levels, vacancy rates remain low due to strong demand from large tenants. While national economic factors such as a slumping stock market and trade concerns are important, Austin's diversified economy positions it well to withstand broader economic downturns.
About Cushman & Wakefield
Cushman & Wakefield is a global real estate services firm with a presence in 400 offices across 70 countries. It has 48,000 employees and generated $6.9 billion in revenue in 2017. The firm provides a range of services including property management, leasing, capital markets, and valuation. For more information, contact Jeff Graves, Market Director, Research at +1 512 474 2400 or Jeff.graves@cushwake.com.
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