Figures

Austin Industrial Figures - Q2 2024

July 8, 2024 5 Minute Read

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  • Austin posted 1,614,096 sq. ft. of total net absorption in Q2 2024, driven by strong owner/user activity which accounted for approximately 70.0% of absorption.
  • Major owner/users taking occupancy in Q2 included ZT Systems (435,714 sq. ft.); Tesla’s Drive Unit (423,032 sq. ft.), and Southeastern Freight (268,199 sq. ft.).
  • Inclusive of Samsung and Tesla’s forthcoming facilities, Austin’s total construction pipeline comprises 14.7 million sq. ft., equal to nearly 12% of the total existing Industrial inventory. More than 61.7% of product underway is speculative distribution space.
  • 4.4 million sq. ft. of new construction delivered in the second quarter, which was 25.3% pre-leased.
  • Industrial asking rents dipped 4.7% in Q1 to $12.67 market-wide.
  • Vacancy climbed to 11.0%, a 230-basis point (bps) increase quarter-over-quarter, largely attributable to new construction delivering unleased.