AUSTIN, TX-The city’s Southwest office sector, which consists of 9 million square feet, constantly jockeys with the CBD as the best performing submarket. However, a new 136,075-square-foot lease with ArthroCare Corp. helps it eclipse downtown.
“The Southwest submarket is the healthiest in Austin,” says Jim Ballard with Stream Realty Partners’ local office. “Leasing activity really started to percolate during the fourth quarter 2010 and has increased significantly since then.”
At the end of the first quarter 2011, the Southwest submarket posted a vacancy rate of 15.2%, according to CBRE. For the same period, the CBD recorded a vacancy rate of 16.2% and the overall market had a vacancy rate of 22.3%.
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