2019-07-11_DTZ戴德梁行_Office_Q3_2018_AUSTIN_OFFICE_2页_398kb

报告摘要

Austin Office Market Summary Q3 2018

Core Content

The Austin office market experienced continued growth and strong demand in Q3 2018, reflecting a robust local economy and a thriving real estate sector. The market is characterized by low vacancy rates, positive net absorption, and a steady increase in rental rates, driven primarily by the technology industry and major lease transactions.

Main Economic Indicators

Austin Employment: Increased from 1,035,000 in Q3 2017 to 1,065,000 in Q3 2018.
Austin Unemployment Rate: Remained at 3.0%, significantly lower than the national average of 3.9%.
U.S. Unemployment Rate: Declined to 3.9% from 4.4% in Q3 2017, indicating a strong national economy.

Market Overview

Overall Net Absorption: 36,021 square feet in Q3 2018, showing a positive trend.
Overall Vacancy Rate: 11.4%, with Class A properties at 10.6%.
Overall Average Asking Rent: $35.81 per square foot (psf), with Class A properties at $39.91 psf.
CBD Net Absorption: 105,557 square feet, with an average rental rate of $51.75 psf.
East Submarket Net Absorption: 146,000 square feet, reflecting strong tenant activity in newly completed developments.

Key Market Trends

Construction Activity: 3.5 million square feet of office space under construction, with over 60% pre-leased.
Demand for High-End Space: Tech giants continue to dominate the market by leasing large blocks of Class A space.
Rental Rates: Despite a slight decrease in the overall asking rent from Q3 2017 to Q3 2018, the trend is upward for the 12-month forecast.

Submarket Analysis

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	206,974	717,539	8.5%	105,557	244,533	1,147,293	$51.75	$55.88
Central	1,158,586	12,477	103,179	10.0%	-2,953	-27,646	26,391	$36.50	$47.95
Far Northwest	14,787,701	319,729	1,103,825	9.6%	92,094	-156,349	1,063,019	$35.50	$36.30
North Central	2,494,784	165,891	355,974	20.9%	-95,271	-111,852	0	$26.90	$29.46
Northeast	1,811,341	3,388	246,389	13.8%	3,437	-85,563	115,000	$20.28	$29.07
Northwest	4,516,797	67,639	555,530	13.8%	-78,997	-183,451	0	$30.95	$38.81
South Central	2,036,006	19,867	49,666	3.4%	29,859	142,008	129,201	$28.11	$47.39
Southwest	10,712,759	470,893	818,646	12.0%	11,359	45,711	155,452	$36.88	$37.95
East	614,717	0	100,711	16.4%	-117,290	-127,016	154,476	$31.52	$33.25
Austin Totals	51,388,725	1,291,034	4,583,642	11.4%	36,021	-240,715	3,538,987	$35.81	$39.91

Key Lease Transactions Q3 2018

Property	SF	Tenant	Transaction Type	Submarket
Domain 12	320,000	Confidential	Direct	FNW
Research Park Plaza II	135,813	Visa	Direct	FNW
UpCycle	81,660	H-E-B/Favor	Direct	EAST
100 Congress	61,000	Google	Direct	CBD

Key Sales Transactions Q3 2018

Property	SF	Seller/Buyer	Price / $PSF	Submarket
Austin Oaks	445,322	Spire Realty Group / The Luzzatto Co.	Undisclosed	NW
Stonebridge Plaza I & II	385,829	KBS Realty / Intercontinental RE	$163,000,000 / $418	FNW
3700 San Clemente	249,870	HPI Real Estate / Azrieli Group	Undisclosed	SW
Research Park Plaza 5	115,206	CapRidge Partners / United Heritage	Undisclosed	FNW

Outlook

The Austin office market is expected to continue its upward trajectory, with a strong demand for high-quality office space and a significant portion of new developments already pre-leased. Developers are actively expanding to meet this demand, and the technology sector remains a key driver of the market's growth.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm, providing services to real estate occupiers and owners. With 48,000 employees across 400 offices in 70 countries, the firm is among the largest in the industry, generating $6.9 billion in revenue in 2017. The firm's Austin office is located at 200 W Cesar Chavez St, Suite 250, Austin, TX 78701, and can be contacted via their website or Jeff Graves, Market Director, Research.