Figures

Austin Industrial Figures Q1 2024

April 12, 2024 5 Minute Read

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  • Austin posted a record-breaking 2,568,166 sq. ft. of net absorption in Q1 2024; absorption was largely driven by SpaceX and Tesla occupying build-to-suit facilities and by Tesla suppliers occupying speculative space.
  • 3.1 million sq. ft. of new construction delivered in the first quarter, which was 48.3% pre-leased.
  • Industrial asking rents increased 1.2% in Q1 to $13.29 market-wide.
  • Vacancy climbed slightly to 8.7%, a 60-basis point (bps) increase quarter-over-quarter.
  • Availability increased by one percentage point to 9.9%, mostly attributable to the completion of one large speculative project in Round Rock where 229,506 SF delivered unleased.