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Austin: Current Market Conditions
By Michael Kennedy, SIOR, President, Commercial Texas
The story of today’s Austin’s office market is a tale of 5 years….from 2003-2008, but really two time frames: 2003 – 2006 and 2006 – 2008.
Austin’s primary submarkets are defined as the Central Business District (CBD), the Southwest Market (SW – generally south Mopac Expressway and Loop 360, south of the Pennybacker Bridge), and the Northwest/Far Northwest Market (NW/FNW – generally north of Mopac Expressway, 183N to Hwy. 620/SH45 and east to IH-35.) All experienced similar characteristics over 2003-2006. Things changed in 2007, when the CBD market diverged positively and the SW/NW/FNW occupancy percentage turned down again due to increased inventory and decreased absorption.
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