AUSTIN (ABJ) — Austin’s rising industrial vacancy rates are leading some developers to hit pause on construction of new buildings — or at least get creative in what products they’re putting up.
According to new data from CBRE Inc., construction starts dropped to 385,000 square feet during the third quarter, the lowest amount recorded since the fourth quarter of 2020 — a year in which development slumped due to the coronavirus pandemic.
The trend comes as the vacancy rate increased for the third consecutive quarter, rising to 18.4%, an increase of 1.4% quarter-over-quarter.
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