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A Tesla Gigafactory

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Overall vacancy is at 7.3%, down 120 basis points from this time last year at 8.4%, while available sublease space also decreased 7.5% from roughly 872,000 sq. ft. in February 2020 to 807,000 sq. ft. in February 2021.


Market Highlights

 VACANCY AT 7.3% Overall vacancy is at 7.3%, down 120 basis points from this time last year at 8.4%, while available sublease space also decreased 7.5% from roughly 872,000 sq. ft. in February 2020 to 807,000 sq. ft. in February 2021. However, current sublease space is still only 8.4% of total available space. Of the 12 million sq. ft. under construction, 78% has been spoken for—which includes the 4.5 million-sq.-ft. Tesla Gigafactory, and the 3.8 million-sq.-ft. Amazon Distribution Center. Four properties have delivered so for in 2021 totaling 48,650 sq. ft. The vacancy rate for Class A properties has plunged to 12.9%, down from the prior period at 24.2%. The asking price for industrial properties is currently at an average monthly rate of $0.94 per sq. ft., up from this time last year at $0.86 per sq. ft. due primarily to the new product added to the market.

 SPACEX IS COMING TO AUSTIN A new manufacturing facility is breaking ground in Austin. SpaceX, the aerospace manufacturing and transportation company owned by Tesla CEO Elon Musk, is emerging in Austin, according to job postings on the company’s website. SpaceX hasn’t announced where the new manufacturing facility will be located or if there is a connection to the Tesla Gigafactory under construction in southeast Travis County. That manufacturing facility is scheduled for completion before the end of 2021.

 AUSTIN ECONOMIC INDICATORS The Federal Reserve Bank of Dallas reported that Austin’s unemployment rate fell to 5.7% in December compared to the state’s jobless rate of 7.2%, and the nation’s rate at 6.7%. Fourth-quarter job growth was positive in most sectors with financial activities leading the job expansion (30.8%, or 4,740 jobs), followed by manufacturing (18.7%, or 2,700 jobs). All industries except government saw net positive growth in 2020.

March Data & Graphs

 

 

Leta Wauson
Director of Research
[email protected]
tel 713 275 9618

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