Market Trend: Austin Office Deliveries, Construction and Inventory

May 7, 2014
CoStar

During the first quarter 2014, 12 buildings totaling 435,033 square feet were completed in the Austin market area. This compares to one building totaling 1,805 square feet that was completed in the fourth quarter 2013


There were 2,412,129 square feet of office space under construction at the end of the first quarter 2014


Some of the notable 2014 deliveries include: Power Plant Building, a 115,000-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and Apple Campus - Phase I, an 88,000-square-foot building that delivered in first quarter 2014 and is now 100% occupied


The largest projects underway at the end of first quarter 2014 were Green Water, a 485,327-square-foot building, and Colorado Tower, a 371,348-square-foot facility that is 35% pre-leased


Total office inventory in the Austin market area amounted to 87,940,715 square feet in 4,268 buildings as of the end of the first quarter 2014. The Class-A office sector consisted of 31,473,317 square feet in 228 projects. There were 1,888 Class-B buildings totaling 41,090,976 square feet, and the Class-C sector consisted of 15,376,422 square feet in 2,152 buildings. Within the Office market there were 177 owner-occupied buildings accounting for 7,919,880 square feet of office space


Print Article opens in new window