Lake Travis - Westlake Edition | May 2022

REAL ESTATE

Commercial real estate trends

COMPILED BY COMMUNITY IMPACT NEWSPAPER STAFF

*INCLUDES AVERAGE OF CLASS A AND CLASS B VACANCYAVAILABILITY IN ALL OF AUSTIN

AUSTINOFFICEMARKET STATISTICS FOR Q1 2022 Central Texans are heading back to work in record numbers since the pandemic as evidenced by quarterly commercial real estate statistics provided by commercial real estate rm CBRE. The average asking rates grew from $42.66 per square foot in the fourth quarter of 2021 to $46.46 per square foot in the rst quarter of this year. According to the CBRE report, three commercial projects were completed in the rst quarter in Austin, adding 262,986 square feet of space.

ENTIREAUSTINREGION

TOTAL VACANCY

TOTALAVAILABILITY

Class A 20.4%

Class B 18.6%

Total* 19.7%

Class A 22.5%

Class B 23%

Total* 22.5%

NET RENTABLE AREA IN SQUARE FEET

UNDER CONSTRUCTION SQUARE FEET

AVERAGE ASKING RATE

Class A

40,454,956

$53.34

5,494,989

SOURCE: CBRE GROUP INC. COMMUNITY IMPACT NEWSPAPER

Class B 395,594

Class B

20,581,016

$36.22

SOUTHWESTMARKET REGION

TOTAL VACANCY

TOTALAVAILABILITY

LAKE TRAVIS

Class A 18.6%

Class B 14.4%

Total* 17.2%

Class A 22.3%

Class B 19.7%

Total* 21.4%

620

360

SOUTHWEST REGION

NET RENTABLE AREA IN SQUARE FEET

NET ABSORPTION SQUARE FEET

AVERAGE ASKING RATE

290

Class A

8,271,687

$49.80

155,657

MOPAC

Class B 23,476

Class B

3,243,210

$36.16

ANNUAL ASKING RENT AVERAGE

SOUTHWEST REGION VACANCY RATE

AUSTINNUMBERS TO KNOW

$55 $50 $45 $40 $35 $30 $0

18% 16% 14% 12% 10%

19.7% vacancy rate

$45.95

17.2%

10.3%

$34.34

5.89M square feet of construction

8% 0%

2015 2016 2017 2018 2019 2020 2021 2022

FEEL GOOD AGAIN GIVE Give the 1 in 5 Central Texas children at risk of hunger a happy, healthy summer. centraltexasfoodbank.org

TRAVIS COUNTY WANTS TO DO BUSINESS WITH YOU Travis County Purchasing Office is located at 700 Lavaca Street Suite 800 Austin, Texas 78701 Phone: 512 854-9700

Visit our website for current solicitations. https://www.traviscountytx.gov/purchasing

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LAKE TRAVIS WESTLAKE EDITION • MAY 2022