Q2 2021 Central Perimeter Office Submarket Report
Activity Returning to Central Perimeter Despite Absorption Losses
- Central Perimeter posted its fourth consecutive quarter of triple-digit negative absorption, losing 143,682 square feet in Q2. This resulted in the vacancy rate rising 60 basis points (0.6%) to 24.1%.
- The average rental rate rose 1.6% in Q2 to $29.52. This is the fourth consecutive quarter Central Perimeter has seen an increase in the average rental rate, with Q2’s figure setting the all-time high for the submarket.
- Despite the absorption numbers, the submarket has not been short of activity, with the delivery and move-in of State Farm to their new headquarters complex, and over 120 leases signed thus far in 2021.