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Austin Chamber of Commerce 1207 State of the Economy Real Estate Market As presented to the Keller Williams Agent Leadership Council.

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Presentation on theme: "Austin Chamber of Commerce 1207 State of the Economy Real Estate Market As presented to the Keller Williams Agent Leadership Council."— Presentation transcript:

1 Austin Chamber of Commerce 1207 State of the Economy Real Estate Market As presented to the Keller Williams Agent Leadership Council

2 Real Estate Market Office Rent per sq. ft. per year Vacancy rate LowHigh Class A Downtow n $23.02$ % Suburban Class B Downtow n Suburban Source: NIA Direct, 2007 Global Market Report.

3 Real Estate Market: Office 2 nd Quarter 2007 Total sq. ft. Vacant Net absorp- tion, YTD Under construc- tion sq. ft. Asking rent Sq. ft.%Class AClass B Total39,268,4694,516, %588,0552,451,734$29.12$21.78 Downtown8,420,3661,095, ,97368, Suburban30,848,1033,421, ,0822,383, Source: Grubb & Ellis.

4 Real Estate Market: Industrial 2 nd Quarter 2007 Total sq. ft. Vacant sq. ft. Vacancy rate Net absorption, YTD Under construc- tion sq. ft. Asking rent Total68,400,9875,019,8157.3%2,606,4131,433,009$7.75 General Industrial 25,111,691922, ,923,2611,009, R&D/Flex17,919,7162,635, ,11686, Warehouse/ Distribution 25,369,5801,461, ,036337, Source: Grubb & Ellis.

5 Favorable Real Estate Market Opportunities abound for growing companies with long-term expansion plans. Thanks to an abundance of office and industrial space and a wide variety of environmental characteristics, the region can accommodate nearly any operation, large or small. As of 2 nd quarter 2007, Austin has over 7.4 million sq. ft. of vacant office space and an 12% vacancy rate. Space available in the industrial market totals over 7.4 million sq. ft. and the industrial vacancy rate is also 10%. Ample office space is available in a vibrant downtown as well as a variety of suburban markets. In addition, the area has several campus-style facilities and incubator space available for lease.

6 Residential Permits Austin MSA Source: U.S. Bureau of the Census. Nearly 21,600 permits were issued in the last 12 months (14,690 single family & 6,909 multifamily).

7 Growth Rates: Housing Units Authorized by Building Permits Source: U.S. Bureau of the Census.

8 Valuation of New Housing Units Authorized by Building Permits Austin MSA Source: U.S. Bureau of the Census. Monthly average: 2005 $234M 2006 $262M 2007 $234M (YTD)

9 Growth Rates: Valuation of Housing Units Authorized by Building Permits Source: U.S. Bureau of the Census.

10 Residential Permits Austin MSA Source: U.S. Bureau of the Census. Housing permits increased 31% in Austin in 2005 over 2004, compared to 5% nationally.

11 Home Sales Austin MSA In Austin, home sales were up 12.3% in 2006 over Sales were down 8.4% nationally. YTD, Austin sales are 1.5% below last year & national sales are down 9.3%. Source: Real Estate Center at Texas A&M University.

12 Residential Permits by County 2006 Austin MSA Source: U.S. Bureau of the Census. Bastrop302 Caldwell84 Hays2,518 Travis15,738 Williamson7,454 Austin MSA26,096


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