Austin retail space availability continues to shrink! In the first quarter of 2013 the vacancy rate was about 5.2%. In the 2nd quarter of 2013 vacancy rates went down to 4.9%. Average retail lease rates in Austin have remained the same at about $18 sf not including NNN which typically run from $5 to $10 sf.
Some of the largest retail lease deals completed in Austin in 2013 include Soccer Zone Lakeline, who moved into 34,000 sf at 920 Old Mill rd, and Wheatsville Co-op, who moved into 28,000 sf at 4001 S Lamar Boulevard.
The Austin retail market has been incredibly strong this year. Prospective tenants from other retail markets have gotten sticker shock when they learn what lease rates retail landlords in Austin are quoting. Additionally as competition for space has heated up, landlords are getting more confident and offering fewer and fewer lease concessions.
Finding available retail space in Austin has gotten much more difficult. The best space remaining will have average lease rates of $30 to $40 sf so budget accordingly.
If you are seeking retail space in Austin and would like help feel free to give us a call!