- May 29, 2019
-- Austin's industrial market posted 294,233 square feet of negative net absorption in the first quarter of 2019. Activity levels remained high as a large number of sizeable tenants occupied significant blocks of space over the quarter including Hajoca Corporation, a plumbing, heating and industrial supplies company that moved into 75,600 square feet at 10519 Boyer Boulevard in the North submarket.
Looking forward, eighteen blocks of space over 10,000 SF will be occupied by new tenants in the second quarter of 2019. One of these tenants is TireHub, who is taking 40,467 square feet at 2300 Scarbrough Drive in the North submarket.
Austin's citywide average rental rates increased moderately over the quarter, moving up from $10.39 per square foot in Q4 2018 to $10.61 per square foot in Q1 2019. The average citywide Flex/R&D rental rate increased significantly to $14.16 per square foot up from $13.17, while the average Warehouse/Distribution rental rate decreased slightly over the quarter from $8.73 per square foot to $8.61 per square foot.
In the first quarter, Austin's industrial market had eight buildings deliver and fifteen new buildings began construction. Five of the new buildings under construction are...Click the following link to read the full report: https://s3.amazonaws.com/colliersaustin/Research/2019/2019_Q1_Industrial_Austin_MarketReport_Colliers.pdf