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Austin Retail Occupancy, Rent Hold Steady

AUSTIN-Occupancy and rent actually edged up in the year-to-year comparison by NAI Commercial Industrial Properties. It wasn't a lot, but enough to ring positive for the market and the tenants who've shifted strategies to suit the times.

By Tim Green | Updated on February 12, 2003

AUSTIN-The city’s retail real estate market continued its somewhat gravity-defying performance in 2002, posting a slightly higher occupancy rate and rental rates than a year ago, according to a year-end market review from NAI Commercial Industrial Properties Co.

Retailers occupied 94.65% of the retail space at the end of 2002, up from 94.47% a year ago. In centers 50,000 sf to 100,000 sf, the asking rent was $1.41 per sf in 2002, up from $1.39 per sf, and in centers 100,000 sf and over, it was $1.64 per sf, up from $1.62 per sf.

Retail has persevered through the city’s economic downturn, the economic aftermath of the Sept. 11 attacks and the current uncertainty concerning war with Iraq. And, it continues to outshine the office and industrial markets, where occupancies have risen and rents have dropped.

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