Austin industrial market report
Q1 2024
Austin's industrial sector kicks off 2024 on a solid note, highlighted by positive absorption of 2.6 million square feet (msf) and further evidenced by the sustained momentum in leasing activity and a thriving construction pipeline. Hays and Far Northeast submarkets have emerged as standout performers, experiencing substantial year-over-year growth, solidifying their position as key focal points within Austin's industrial landscape.
13.5%
Vacancy increases for big box space
Vacancy rates for properties exceeding 250,000 square feet have surged significantly year-over-year, climbing from 2.0% to 13.5%. This increase is primarily driven by recent property deliveries and occupiers reevaluating their space needs.
17.8 msf
Hays and Far Northeast emerge as top submarkets since 2016
Hays and Far Northeast have emerged as the top-performing submarkets in terms of growth since 2016, boasting impressive deliveries of 9.1 million square feet and 8.7 million square feet of new product, respectively.
1.7 msf
Leasing volume remains strong
The leasing volume reached 1.7 million square feet at the beginning of the year, with significant move-ins from Pro Lift Rigging and Onx Homes totaling 433,000 square feet.
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