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December 2008
State of the Central Texas Commercial Real Estate Market
The Central Texas office market ended the third quarter of 2008 with a vacancy rate of approximately of 12.6 percent versus 11.6 percent at the end of the second quarter. Nationally, office vacancy rates are running a little under 12 percent, meaning Austin is approximately 0.6 to 0.7 percent higher than the national average. Subleases are on the upswing.
Our growth and construction program facilitated the need for off- site laboratories and administrative offices. Your research provided a perfect purchase of a two (2) story laboratory facility. Additionally, a different lease of several floors fully met our administrative needs.