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Cedar Park ranked among top 20 fastest growing U.S. suburbs

Friday, October 26, 2007

AUSTIN (grubb-ellis.com) – More than 523,000 square feet of office space was absorbed in the Capital City during third quarter 2007, according to the latest numbers from Grubb & Ellis.

• Class-A absorbed more than 346,600 square feet.
• Class-B absorbed more than 105,800 square feet.
• Class-C absorbed more than 70,500 square feet.

Overall vacancies decreased by 30 basis points, ending the quarter at 10.9 percent.

• Class-A vacancies held at 11.3 percent.
• Class-B vacancies fell by 40 basis points to 11.7 percent.
• Class-C vacancies fell by 90 basis points to 5.9 percent.

Overall full-service asking rents increased $2.62 to $27.50 per square foot per year full-service gross (PSF/YR FSG) during third quarter 2007.

• Class-A rents increased by $2.62 to $31.74 PSF/YR FSG.
• Class-B rents decreased by $0.14 to $21.64 PSF/YR FSG.
• Class-C rents decreased by $0.16 to $16.21 PSF/YR FSG.

Speculative space under construction rose more than 500,000 square feet to almost three million square feet.