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Austin Retail Keeps Steady Pace With 94.7% Occupancy

AUSTIN-The retail sector falls slightly short of its 10-year high, but still 2002 occupancy is nothing to scoff at, says NAI/Commercial Industrial Properties. The pace is steady and the interest is high, with rents on the rise.

By Tim Green | Updated on February 14, 2002

AUSTIN-The Austin retail real estate market continues strong as retailers keep trying to catch up with the area’s residential growth, according to a report from NAI/Commercial Industrial Properties Co.

The market ended 2001 with a 94.7% occupancy rate. While off from the 10-year high of 95.7% in 2000, it shows the resiliency of the retail market in the face of more than 23,000 layoffs from Jan., 1, 2001 through Jan. 31, 2002.

“We’re still showing a market that’s nearly 95% leased,” Eric DeJernett, a retail specialist at NAI/CIP, tells GlobeSt.com. “There may be a little bit of transitioning of some weaker tenants that hung around through Christmas, but there seem to be people there to take the space.” He points out that even with the layoffs, the Austin area still had positive job growth of 2.2% in 2001. That, however, was down from a three-year average of 5.9%.

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