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Yearend Sign Positive for Industrial Market

AUSTIN-For the first time in 18 months, the flex/research and development space managed a slim positive absorption in Austin. The uptick came at the close of the year to uplift hopes that the worst is over for the city's industrial market.

By Tim Green | Updated on January 16, 2003

AUSTIN-The industrial market, which ended 2002 with a 15.4% vacancy rate, may have seen its worst, according to Grubb & Ellis Co. Many of the industrial market’s problems came from the city’s flex/research and development space, which was devastated by the crash of technology companies as vacancy climbed to 37.9% during the year.

However, the flex/R&D market managed a slim positive absorption toward the end of the year, the first in 18 months, said the Grubb & Ellis research team.

David Sheldon, who started Atlantis Properties in September 2002, tells GlobeSt.com that he saw increased activity in the 1,000-sf to 10,000-sf category for the flex/R&D market in the last quarter. “It’s been robust,” he says. “We’re seeing that it’s a very active market.”

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