AUSTIN – Local retail fundamentals began declining last quarter due to effects of COVID-19 on the local economy.
According to CBRE, absorption continued falling in 2Q2020, registering negative 627,511 sf.
Occupancy declined 80 bps over the quarter to 95.2 percent. Average asking rate also fell to $20.50 per sf.
Despite sliding market fundamentals, development activity remained strong. There are 48 projects totaling 1.3 million sf in the construction pipeline. Last quarter, 97,776 sf came online.
The Real Estate Center has more local commercial real estate news like this online:
Source: CBRE