Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Metro: Austin
Copyright 2018 Reis, Inc.
Copyright 2018 Reis, Inc.
ContentsMetro Executive Briefing 3
Reis Observer 6
Metro Trend Futures 14
Current Metro Rent Details15
Nonanchor Rent Growth Comparisons15
Current Metro Rent Details15
Nonanchor Rent Growth Comparisons16
Current Metro Vacancy Details16
Vacancy Rate Comparisons17
Current Metro Vacancy Details17
Vacancy Rate Comparisons18
Nonanchor Rent Growth Comparisons and Forecast18
Vacancy Rate Comparisons and Forecast19
Metro Inventory Details20
Inventory Growth Comparisons20
Construction/Absorption Change21
Economic and Demographic Trends22
Metro Area Map23
Metro Data25
Metro Data26
Metro Data27
Submarket Overview 28
New Construction Listing 30
Construction Deliveries31
Metro Construction Breakdown31
Submarket New Construction Project Tally31
Metro Inventory Details31
Inventory Growth Rankings Forecast32
Construction/Absorption Change32
Occupancy at Completion32
Stabilization Data33
Metro Area Map33
New Construction Listing35
Sales Trend 44
Activity45
Map45
Most Recent Transactions45
Comparable Group Details46
Power Center Report 49
Current Rent Snapshot50
Copyright 2018 Reis, Inc.
Contents (Continued)Current Vacancy Snapshot
50New Construction
50Metro Power Center and Regional Mall Projects
51Cap Rate Trending
51Recent Metro Area Regional Mall Sales
52Metro Area Power Center and Regional Malls
52Metro Area Power Center and Regional Malls
54Economic and Demographic Data
54Economic and Demographic Trends
54
Metro Executive Briefing
Copyright 2018 Reis, Inc.
Metro Executive BriefingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 51016323
Section 1 - Executive Briefing on Metro Conditions
Average Asking Rent $23.51
● Up 0.9% from Q3 2017.
● Has risen in every quarter since Q1 2013.
● Expected to finish 2018 at $24.06.
Average Vacancy Rate 5.5%
● Lowest in the Southwest region, fifth lowest in thenation.
● Drifted upward by 20 basis points.
● Expected to finish 2018 at 5.5%.
Market Overview
A comprehensive assessment of theAustin retail market suggests that themajor concentrations of competitiveretail space are located in the SouthAustin submarket, amounting to 7.7million square feet and 35.6% of themetropolitan inventory, followed byCentral/Downtown Austin, with a34.4% share, and RoundRock/Williamson County (30.0%).Since the beginning of Q1 2008, thefastest growing area has been theRound Rock/Williamson Countysubmarket, adding 1.0 million squarefeet over that period, or 59.2% of totalmetropolitan retail completions.
Asking and Effective Rent
Asking rents in the Texas state capitalrose by 0.9% during the fourth quarterof 2017 to an average of $23.51. Thisadvance extends the market's run of
gains to nineteen quarters, duringwhich asking rents have advanced bya total of 15.8%. Since the beginningof Q1 2008, the metro as a whole hasrecorded an annual average increaseof 1.7%. Effective rents, whichexclude the value of concessionsoffered to prospective tenants,advanced by 0.8% during the fourthquarter to an average of $21.40.During the past four quarters, positivemovement in asking rent wasrecorded in all three of the metro'ssubmarkets.
Competitive Inventory, Absorption
Over the last four quarters, marketabsorption totaled 23,000 square feet,a fraction of the average annualabsorption rate of 244,900 square feetrecorded since the beginning of Q12008. From an historical perspective,the fourth quarter vacancy rate is 1.8percentage points lower than the
7.3% average recorded since thebeginning of Q1 2008.
Outlook
During 2018 and 2019, constructionactivity under surveillance is expectedto deliver a total of 297,000 squarefeet. Total employment growth overthe same period is projected toaverage 2.0% annually, whilehousehold formations are anticipatedto average an increase of 2.9% peryear. Over the same period the metroabsorption rate is expected toaverage 136,000 square feet peryear. The market vacancy rate willfinish both years at 5.5%. On anannualized basis, asking and effectiverents are expected to climb at a rateof 2.3% through year end 2019,reaching average rates of $24.58 and$22.41 per square foot, respectively.
Copyright 2018 Reis, Inc.
Reis Observer
Reis Observer AUSTIN
1
Published December 11, 2017 THE ECONOMY
Metro Austin continues to run out of housing and workers, limiting its employment growth based on the supply of workers, not the supply of jobs. According to Current Employment Statistics (CES) data from the U.S. Bureau of Labor Statistics (BLS), total non-farm payroll employment increased by 22,200 jobs (2.2%) from October 2016 to October 2017, down from a gain of 35,100 (3.6%) in the prior 12 months. The private sector increase was 19,200 (2.3%), down from an increase of 31,600 (3.9%). According to household-based data from the BLS, the labor force of metro Austin increased by 22,240 (2.0%) in the year to September, a healthy gain but only half the increase of 44,820 (4.2%) in the prior 12 months. Moody’s Economy.com reports the overall population increased 58,950 (2.8%) in the year to the third quarter of 2017, consistent with past large gains, with the number of households up 22,210 (2.8%). But household average income rose just 0.9% over a year, according to this source. Meanwhile, the National Association of Realtors reports that the median existing home sales price was $296,400 in the third quarter in metro Austin, up 4.4% from a year earlier and well above the U.S. average of $254,000, Dallas-Fort Worth at $249,000, Houston at $233,900, and San Antonio at $220,700. PricewaterhouseCoopers, however, doesn’t see the threat to growth that others do. “The annual Emerging Trends in Real Estate Report is out and Austin remains a hot spot for real estate investment—but another city has edged out the Texas capital in the No. 1 position,” the Austin Business Journal reported in October. “Austin’s secret sauce is that the workers are there,” particularly the young. “An added boost—there are more young people in the pipeline. In the next five years, the growth of population in the 15-34 year old age range is projected to increase by 2.6% across the U.S. In Austin, the number may grow dramatically more—some 20.0%, experts forecast.” “Austin is described along with Nashville and Charlotte as southern cities with a strong appeal to younger workers. Furthermore, Austin was also likened to Raleigh/Durham, North Carolina and Knoxville, Tennessee for providing a pipeline of talent from highly ranked universities.” Meanwhile, according to another Business Journal article, “there are about 39,500 job openings in the area during the most recent look.” “Registered nurse was the top posted occupation for September 2017—likely fueled by the new Dell Seton Medical Center teaching hospital—while computer systems analysts saw the largest year-to-year increase in postings for all occupations.”
Employment:
The BLS reports a seasonally unadjusted unemployment rate of 2.9% in September 2017 for the Austin-Round Rock MSA, down from 3.4% a year earlier.
Moody’s Economy.com reports
a third quarter 2017 average household income of $137,018 for the Austin MSA. Average household incomes of $147,921 and $142,523 are reported for the top metros in the nation and Southwest region, respectively.
Employment Growth:
Employment by Sector:
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 71016323
Reis Observer AUSTIN
2
Published December 11, 2017 According to CES data by sector, the Professional and Business Services
sector added no net jobs in the year to October 2017, down from a gain of 6,100 (3.7%) in the prior 12 months. Among the other office-based sectors, Financial Activities added just 100 jobs (0.2%), down from a gain of 3,500 (6.4%), and Information lost 1,200 jobs (4.2%), following a gain of 1,200 (4.4%). Most of the consumer-driven sectors added jobs, thanks to population growth. The institutional Education and Health Services sector was up 5,000 jobs (4.2%) in the year to October, Leisure and Hospitality added 6,000 (4.9%), and Other Services was up 900 (2.0%). The Retail Trade sector, however, lost 1,500 jobs (1.4%) despite gains of 600 jobs (2.9%) in the Food and Beverage Store industry, which includes supermarkets, and 700 (4.2%) in the big-box General Merchandise Stores industry. Among the industrial sectors, Construction and related was up 2,800 jobs (4.7%) in the year to October, and Manufacturing employment was also up 2,800 (5.1%) despite a decrease of 100 jobs in the locally important Computer and Electronic Product Manufacturing industry. Distribution is apparently expanding, however, as Wholesale Trade employment was up 3,500 jobs (7.1%) and Transportation and Utilities up 800 (4.4%). In addition to housing, rapid population growth is overwhelming metro Austin’s automobile-oriented transportation system. “The expansion of I-35 has morphed into an $8.1 billion plan that would add two managed toll lanes in both directions—similar to the ones that just opened on MoPac Expressway—but no extra free lanes,” according to the Business Journal. “The Texas Department of Transportation unveiled the plan…which would get rid of the highway’s upper deck in downtown Austin and instead stack three levels of roads with two lanes each on top of each other in what’s known as a ‘cantilever’ configuration.” “The so-called Capital Express project would stretch 33 miles along I-35, from RM 1431 in Williamson County in the north to Texas 45 Southeast near Hays County in the south.” OUTLOOK Moody’s Economy.com predicts that the local population will continue to soar by about 60,000 per year despite rising housing prices and traffic congestion. The number of households is forecast to rise by 116,910 in the five years from year-end 2016 to year-end 2021. But employment growth is expected to slow, from an average 38,700 (4.3%) per year from 2012 to 2016 to 21,900 (2.1%) per year from 2017 to 2021.
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 81016323
Reis Observer AUSTIN
3
Published December 11, 2017 THE REAL ESTATE MARKET
OFFICE A new supply boom is preventing a decrease in vacancy in the 46.5-million-square-foot Austin general purpose, multi-tenant office market, but rent gains show the market is strong. Reis reports nearly 1.5 million square feet of new competitive space has been added in 2017 through October, with net absorption at nearly 1.1 million square feet. The October vacancy rate was 12.9%, unchanged since mid-year but up 40 basis points year-to-date. The third quarter Class A vacancy rate is 12.6%, little changed for the quarter and year-over-year, while the Class B/C rate is 13.6%, up 30 basis points over three months and 12 months. Nearly two-thirds of local space is Class A. An additional 186,400 square feet of new office space completed construction in November and December, leaving 2.86 million square feet under construction. Reis predicts the vacancy rate will end 2017 at 13.3% and then fall to 12.3% in 2021 as 2.9 million square feet of new space added is met by 3 million square feet of net absorption. With planned space waiting in the wings, the boom is expected to extend past 2021. Rents increased 0.5% by both measures in the third quarter to $30.88 psf asking and $25.10 psf effective. A one-penny asking rent gain in October lifted the year-to-date increase to 2.5% by both measures, and Reis predicts a solid gain of 3.2% for all of 2017. The Class A asking average was up 0.7% during the third quarter to $34.41 psf, while the Class B/C asking average was up 0.5% to $24.53 psf, up 2.1% and 2.3% from a year earlier. Overall rents are rising, in part, because a higher and higher share of the total inventory is Class A. Reis predicts average rents will rise 2.0% to 3.0% per year from 2018 to 2021, with large gains in years when more expensive new space completes construction. Cushman & Wakefield reports a vacancy rate of 10.5%, up from 8.8% a year
earlier, and an average asking rent of $36.71 psf, up from $34.00 psf. This source reports a lease by Facebook for 231,000 square feet during the quarter.
Special Real Estate Factors:
Office: “Austin’s red-hot
commercial real estate market means office tenants are paying rental rates similar to those found in some of the country’s priciest cities,” wrote the Austin Business Journal. “A tenant spending $5,000 per month for Class A office space can get 1,087 square feet in Austin. That trails only Boston (where you could afford 1,006 square feet); Washington, D.C. (849 square feet); San Francisco (803 square feet); and New York City (703 square feet). Austin is more expensive than places including Dallas (where you could afford 2,012 square feet at that price), Portland (1,789), and San Jose in the heart of Silicon Valley (1,250 square feet), CommercialCafe reports. Here’s a graphical look at the comparison: Put another way, if a startup executive wanted to give each of her 101 employees 151 square feet, she would need a 15,251-square-foot office. That would cost $841,855 a year in Austin for Class A space, versus $692,167 in Seattle, $436,102 in Nashville, or $321,949 in Kansas City.” “‘Significant leasing activity and expansion by blue-chip companies such as Google, Facebook, and Amazon reflect the ongoing confidence in the Austin office market,’ according to Cushman & Wakefield. ‘In addition, the market for younger startup companies is strong and healthy.’”
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 91016323
Reis Observer AUSTIN
4
Published December 11, 2017 APARTMENT
The 198,350-unit metro Austin apartment market is expected to add the third-most apartments since 1990 in 2017, at about 8,500, according to Reis. By October, nearly 5,800 had completed construction, exceeding the 4,040 units of net absorption and increasing the vacancy rate 70 basis points year-to-date to a still-moderate 6.0%. The third quarter vacancy rate was 7.0% for Class A units, up 10 basis points over the period, and 4.3% for Class B/C units, up 20 basis points. Tenants may be upgrading: the Class A rate is up 50 basis points year-over-year, but the Class B/C rate is up 120 basis points with negative net absorption. The 312-unit Arrington Ridge completed construction in Round Rock in November, leaving just under 11,000 units under construction. Reis predicts the vacancy rate will peak at 6.8% in 2018, then fall back to around 6.0% as development slows. New supply and a preponderance of inventory in the Class A segment are lifting average rents. As of October, the average asking rent was up 4.8% year-to-date to $1,169 per month, and the average effective rent was up 5.9% to $1,094 per month. Gains of 5.9% and 6.9%, respectively, are forecast for 2017. Whereas the Class A asking average is up 3.8% year-over-year to $1,330 per month, however, the Class B/C average is up just 1.9% to $890 per month. As there is less new supply to pull up overall rents, Reis predicts rent gains will slow to around 2.0% per year starting in 2020. Tenants, it appears, are getting their money’s worth here. According to 2016 American Community Survey data from the U.S. Census
Bureau, the vacancy rate for all rental units in metro Austin, including units in small buildings, affordable housing, and rental one-family homes, was 6.5%, above the U.S. average of 5.9%, and the median gross rent was $1,184 per month, above the U.S. average of $981 per month. This source reports 37.9% of metro Austin renters paid 35.0% of their income or more in rent, compared with 40.7% for the U.S. as a whole.
Special Real Estate Factors: Continued
Apartment: The neighborhood between downtown and the UT campus “is expected to be the next locus of construction activity with the redevelopment of the former University Medical Center Brackenridge hospital and an ambitious creation of a proposed innovation district,” stated the Business Journal. “As the innovation district plans have coalesced, the private sector has moved ahead with plans for redeveloping properties in the general vicinity. Real estate blog Austin Towers recently reported that Trammell Crow Residential plans to build a 30-story tower at 700 E. 11th St. on the current site of the Texas Trucking Association building. The project would be an apartment under the banner of Trammell Crow Residential’s Alexan brand.”
“The Guthrie, a new multifamily project, is rising from the former site of Guthrie Lumber & Distribution near Gonzales and Tillery streets in a formerly rural area east of downtown Austin,” according to the Business Journal. “Argyle Residential, an affiliate of Austin-based Cypress Real Estate Advisors, has already broken ground on the 322-unit project, which will include a live-work element on a small parcel across the street from the larger development.” Argyle started developing the area early, noted this source, with three residential projects already completed on the East Side.
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 101016323
Reis Observer AUSTIN
5
Published December 11, 2017 RETAIL
Retail development is limited in metro Austin when compared with the amount of housing and office space being built. The 952,175-square-foot first phase of the Stone Hill Town Center power center completed construction in Pflugerville in September, followed by 110,000 square feet of retail at the mixed-use The Summit at Rivery Park in Georgetown and 24,300 square feet at the mixed-use Covered Bridge Village in South Austin. That, however, left just two projects under construction, led by 743,415 square feet of retail at the mixed-use Kyle Crossing in Kyle. The 21.6-million-square-foot Austin community-neighborhood shopping center market is particularly quiet, with just 35,000 square feet of new space completed in 2017 through October and 61,000 square feet of net absorption. The October vacancy rate was just 5.3%, down 10 basis points year-to-date, with the average asking rent up 2.5% to $23.36 psf and the average effective rent up 2.5% to $21.27 psf. The other project under construction is the 75,000-square-foot Oak Meadows Marketplace neighborhood center in Georgetown. Reis predicts the vacancy rate will end 2017 at 5.2%, with rents up 2.7% asking and 2.9% effective for the year. The third quarter 2017 power center vacancy rate was 6.4%, according to Reis, up 40 basis points from prior quarter reporting but down 20 basis points year-over-year. The average asking rent for power centers is high at $29.38 psf and up a huge 7.2% over twelve months. The big-box meltdown has not affected Austin. “Round Rock is considering offering incentives for the master-planned project,
which would include at least 1 million square feet of commercial and residential development,” according to the Business Journal. “That’s roughly equivalent to what Barton Creek Square mall has to offer, in terms of square footage.” Mark VI capital owns 65.5 acres of land on the southeast corner of the intersection between SH 45 and I-35 after buying in 2016, and has planned the project.
Retail: “If you took a walk down New York City’s Bleecker Street in the 1990s, you’d find many eclectic shops, local restaurants, and gathering places like what you see currently on Austin’s famed South Congress Avenue,” a guest columnist wrote in the Business Journal. “If you take a walk down Bleecker Street now, you’ll see deserted sidewalks, boarded up storefronts, and very few of the local businesses that once thrived there. It should serve as a cautionary tale for South Congress landlords.” The cachet of Bleecker Street attracted major national and international brands, and “landlords jumped at the prospect of much higher rents and leases backed by major corporations.” However, “once the street had metamorphosed from a neighborhood with a vibrant local culture into a high-end shopping mall, the cachet with being located on Bleecker faded. The stores were meant to serve more as billboards than lucrative points of sale in the first place, so when Bleecker stopped being cool and the retail sector was disrupted by online shopping, the major brands fled. Today, storefronts are empty or boarded up, and landlords who once commanded some of the highest rents on the globe are struggling to find tenants.” To prevent this from happening in Austin, the source recommends landlords combine into a single leasing agent for the strip and tenants combine into a single online marketplace for all of them.
Special Real Estate Factors: Continued
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 111016323
Reis Observer AUSTIN
6
Published December 11, 2017 TRANSACTION ANALYTICS
Office Reis reports just two qualifying single property office investment sales for the third quarter of 2017, with a transaction volume of $10.2 million, a mean price of $283 psf, and a mean cap rate of 5.3%.* A strong fourth quarter will be required for the 2017 sales total, now at $509.1 million, to match the $866 million of 2016. The rolling 12-month cap rate is high at 7.8%, down 90 basis points from the prior quarter and down 80 basis points year-over-year. No third quarter deals are among the ten largest year-over-year. Apartment Apartment deals remained active during the third quarter, with 16 deals for $250.8 million at a mean price of $111,000 per unit. The rolling 12-month cap rate is 5.3%, unchanged from the prior quarter and up 60 from a year earlier. There was $1.75 billion in apartment property told in 2016, compared with $1.16 billion through three quarters of 2017. In the largest third quarter deal, Monogram Residential Trust sold the 217-unit Seven in Austin to Greystar for $56.625 million ($260,945 per unit) in September. Retail Third quarter retail deals were led by the 230,000-square-foot Kyle Marketplace in Kyle. DDR Corporation sold it to InvenTrust Properties Corporation in September for $59 million ($257 psf). There were 17 third quarter deals in total for $158.2 million at a mean price of $249 psf and a mean cap rate of 4.7%. The rolling 12-month cap rate ended the quarter at 6.2%, down from 6.6% the quarter before and down from 8.1% a year earlier.
* Reis Transaction Analytics includes single sale transactions of $2,000,000 and greater, and excludes portfolio sales where pricing of individual buildings cannot be confirmed.
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 121016323
Reis Observer AUSTIN
7
Published December 11, 2017 INDUSTRIAL
The 15.9-million-square-foot Austin Flex/R&D market got some new supply in the third quarter of 2017, as the 116,200-square-foot Tech Ridge 3.1 completed construction in northeast Austin in July. By October, however, net absorption totaled 105,000 square feet year-to-date, leaving the vacancy rate unchanged for 2017 at 9.4%. The average asking rent was up 2.5% year-to-date to $9.71 psf in October, with the average effective rent up 2.8% to $8.70 psf. Two Flex/R&D buildings with a total of 230,250 square feet are under construction at Brushy Creek in Cedar Park. In Austin, the three-phase Data Foundry, with 325,000 square feet, and the 325,000-square-foot Texas 2 completed recently. The Flex/R&D vacancy rate is forecast to fall to 8.9% at year-end 2017 and 6.6% at year-end 2021. Rent gains are anticipated at 3.5% to 4.0% per year through 2021, roundly speaking. The 35.6-million-square-foot Austin Metropolitan Statistical Area (MSA) warehouse/distribution market is more active with 754,000 square feet completing construction thus far in 2017 including three buildings with 322,900 square feet added at Freeport Tech Center South in southeast Austin in July. Net absorption totaled just 214,000 square feet year-to-date through October, and the vacancy rate increased 140 basis points to 9.0%. The average asking rent is up a strong 3.3% year-to-date to a relatively high $7.22 psf, with the average effective rent up 3.6% to $6.43 psf. More development is coming, with 145 million square feet under construction including 550,000 square feet at the Living Spaces Fulfillment Center in Pflugerville. Reis predicts the vacancy rate will fall back to 8.5% at year-end 2017 and 6.7% at year-end 2021, as rents rise at around 4.0% per year. Cushman & Wakefield notes a vacancy rate of 9.5%, up 200 basis points from a
year earlier, and an asking rent of $9.34 psf, down from $9.75 psf, for industrial space in Austin. This source reports minus 385,000 square feet of net absorption during the third quarter, a “sign” of a “softening” market.
Special Real Estate Factors: Continued
For additional metro and submarket level information on the top 82 markets for the four principal property types, visit www.reis.com or call Reis at: (800) 366-REIS.
Unless otherwise indicated, economic and demographic data provided by Moody’s Economy.com
Publication Date: December 2017 © 2017 Reis, Inc.
Industrial: “An industrial complex with more than 600,000 square feet of leasable space is set to rise on a 30-acre parcel of grassland just east of I-35 in Buda, south of Austin,” the Business Journal reports. “Exeter Property Group hopes to break ground on the first phase—a 300,000-square-foot building—in early 2018. Hays County has agreed to an incentives deal that would rebate 15.0% of the property taxes for the site at buildout, increasing to 30.0% once the developer finds a tenant with at least 50 employees.” Buda is also putting up $130,000 in cash to subsidize the development. “The site should appeal to companies with big distribution needs—for sending products into Austin as well as the wider region with easy access to I-35.”
Sector 3Q17 3Q16 Chg
Office 12.9% 12.8% 10 bps
Apartment 6.0% 5.2% 80 bps
Retail 5.3% 5.6% -30 bps
Warehouse 9.0% 7.9% 110 bps
Flex/R&D 9.4% 10.0% -60 bps
Vacancy
Sector Chg
Office $30.88 psf $30.15 psf 2.4%
Apartment $1,166 month $1,126 month 3.6%
Retail $23.28 psf $22.64 psf 2.8%
Warehouse $7.04 psf $6.85 psf 2.8%
Flex/R&D $9.63 psf $9.37 psf 2.8%
Rents3Q17 3Q16
Reis ObserverDecember 11, 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 131016323
Copyright 2018 Reis, Inc.
Metro Trend Futures
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 151016323
Neighborhood Shopping Centers
Section 3 - Current Metro Rent Details
Nonanchor Asking Rentby Age
Nonanchor Asking Rent Distribution Nonanchor Asking Rent Growth Rate Distribution
Year Built Rent
Before 1970 $24.01
1970-1979 $22.47
1980-1989 $21.18
1990-1999 $23.84
2000-2009 $25.78
After 2009 $27.89
All $21.76
As of 12/31/17
Low 25% Mean Median 75% High
$12.68 $18.11 $21.76 $23.27 $27.00 $35.00
37
4439 39
46
24
16
8
Under$16.11
$16.12$19.22
$19.23$22.33
$22.34$25.44
$25.45$28.55
$28.56$31.66
$31.67$34.77
$34.78Over
Num
ber
of P
rope
rtie
s
Low 25% Mean Median 75% High
- 1.4% - 0.3% 0.9% 0.7% 1.2% 6.1%
93
27
110
14
0 0 2 7
Under- 0.1%
0.0%0.6%
0.7%1.3%
1.4%2.0%
2.1%2.7%
2.8%3.4%
3.5%4.1%
4.2%Over
Num
ber
of P
rope
rtie
s
93 Negative Growth 160Positive Growth
As of 12/31/17 Qtr Ending 12/31/17
Anchor Asking Rent DistributionLow 25% Mean Median 75% High
$ 7.68 $11.55 $14.53 $14.29 $17.48 $23.65
As of 12/31/17
Section 4 - Nonanchor Rent Growth Comparisons
Asking Rent Growth
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year
Austin 0.9% 0.7% 0.7% 2.8% 3.1% 2.9%
Southwest 0.5% 0.3% 0.5% 2.1% 2.6% 2.5%
United States 0.5% 0.5% 0.5% 1.9% 2.0% 1.9%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year
Southwest 9 2 2 2 2 1 2United States 80 16 29 15 15 6 5
4Q16 1Q17 2Q17 3Q17 4Q17
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
Quarterly Rent Growth Rate Trends
Austin
US
Southwest
%
Period ending 12/31/17
2012 2013 2014 2015 2016 20170.00.51.01.52.02.53.03.54.0
Austin
Southwest
US
Asking Rent Growth Rate Trends and Forecast%
Period ending 12/31/17
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 161016323
Community Shopping Centers
Section 5 - Current Metro Rent Details
Nonanchor Asking Rentby Age
Nonanchor Asking Rent Distribution Nonanchor Asking Rent Growth Rate Distribution
Year Built Rent
Before 1970 $16.74
1970-1979 $24.82
1980-1989 $24.91
1990-1999 $32.96
2000-2009 $28.12
After 2009 $34.39
All $25.79
As of 12/31/17
Low 25% Mean Median 75% High
$13.50 $21.17 $25.79 $30.29 $33.77 $41.81
45
9
7
34
10 10
Under$16.11
$16.12$19.22
$19.23$22.33
$22.34$25.44
$25.45$28.55
$28.56$31.66
$31.67$34.77
$34.78Over
Num
ber
of P
rope
rtie
s
Low 25% Mean Median 75% High
- 0.3% 0.0% 0.9% 0.8% 1.3% 5.2%
13
9
26
30 0 0 1
Under- 0.1%
0.0%0.6%
0.7%1.3%
1.4%2.0%
2.1%2.7%
2.8%3.4%
3.5%4.1%
4.2%Over
Num
ber
of P
rope
rtie
s
13 Negative Growth 39Positive Growth
As of 12/31/17 Qtr Ending 12/31/17
Anchor Asking Rent DistributionLow 25% Mean Median 75% High
$ 8.28 $14.50 $17.11 $16.90 $19.81 $26.14
As of 12/31/17
Section 6 - Nonanchor Rent Growth Comparisons
Asking Rent Growth
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year
Austin 0.9% 0.8% 0.9% 3.5% 3.3% 3.0%
Southwest 0.5% 0.2% 0.5% 2.0% 2.2% 2.2%
United States 0.5% 0.5% 0.4% 1.8% 1.8% 1.7%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year
Southwest 9 2 1 1 1 1 1United States 80 16 20 8 8 3 3
4Q16 1Q17 2Q17 3Q17 4Q17
0.000.100.200.300.400.500.600.700.800.901.001.10
Quarterly Rent Growth Rate Trends
Austin
US
Southwest
%
Period ending 12/31/17
2012 2013 2014 2015 2016 20170.0
1.0
2.0
3.0
4.0
Austin
Southwest
US
Asking Rent Growth Rate Trends and Forecast%
Period ending 12/31/17
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 171016323
Neighborhood Shopping Centers
Section 7 - Current Metro Vacancy Details
Vacancy Rate By Age Vacancy Rate Distribution
Year Built Vac. Rate
Before 1970 10.1%
1970-1979 5.7%
1980-1989 7.8%
1990-1999 10.5%
2000-2009 7.9%
After 2009 18.6%
All 6.5%
As of 12/31/17
Low 25% Mean Median 75% High
0.0% 0.0% 6.5% 5.8% 12.5% 41.2%
117
52
20 1912 9 5
19
Under4.6%
4.7%9.2%
9.3%13.8%
13.9%18.4%
18.5%23.0%
23.1%27.6%
27.7%32.2%
32.3%Over
Num
ber
of P
rope
rtie
s
As of 12/31/17
Section 8 - Vacancy Rate Comparisons
Vacancy Rates
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year
Austin 6.5% 6.3% 6.3% 6.3% 6.1% 6.2%
Southwest 11.9% 11.9% 11.9% 11.9% 12.4% 12.9%
United States 10.3% 10.4% 10.4% 10.3% 10.6% 10.9%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year
Southwest 9 1 1 1 1 1 1United States 80 8 7 7 7 7 6
4Q16 1Q17 2Q17 3Q17 4Q17
6.06.57.07.58.08.59.09.5
10.010.511.011.512.0
Quarterly Vacancy Rates
Austin
US
Southwest
%
Period ending 12/31/17
2012 2013 2014 2015 2016 2017
6.0
8.0
10.0
12.0
14.0
Austin
Southwest
US
Vacancy Rate Trends and Forecast%
Period ending 12/31/17
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 181016323
Community Shopping Centers
Section 9 - Current Metro Vacancy Details
Vacancy Rate By Age Vacancy Rate Distribution
Year Built Vac. Rate
Before 1970 0.0%
1970-1979 3.7%
1980-1989 7.6%
1990-1999 2.2%
2000-2009 1.5%
After 2009 2.2%
All 4.2%
As of 12/31/17
Low 25% Mean Median 75% High
0.0% 0.6% 4.2% 3.0% 6.8% 20.9%
34
11
3 2 1 1 0 0
Under4.6%
4.7%9.2%
9.3%13.8%
13.9%18.4%
18.5%23.0%
23.1%27.6%
27.7%32.2%
32.3%Over
Num
ber
of P
rope
rtie
s
As of 12/31/17
Section 10 - Vacancy Rate Comparisons
Vacancy Rates
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year
Austin 4.2% 4.0% 4.1% 4.4% 5.7% 6.3%
Southwest 9.9% 9.8% 9.8% 9.7% 9.6% 9.9%
United States 9.7% 9.7% 9.6% 9.6% 9.4% 9.5%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year
Southwest 9 1 1 1 1 1 1United States 80 2 2 2 3 10 13
4Q16 1Q17 2Q17 3Q17 4Q17
4.04.55.05.56.06.57.07.58.08.59.09.5
Quarterly Vacancy Rates
Austin
US
Southwest
%
Period ending 12/31/17
2012 2013 2014 2015 2016 2017
5.0
6.0
7.0
8.0
9.0
10.0
Austin
Southwest
US
Vacancy Rate Trends and Forecast%
Period ending 12/31/17
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 191016323
Neighborhood and Community Shopping Centers
Section 11 - Nonanchor Rent Growth Comparisons and Forecast
Asking Rent Growth
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
Austin 0.9% 0.7% 0.8% 3.1% 3.2% 3.0% 2.7%
Southwest 0.5% 0.3% 0.5% 2.0% 2.4% 2.3% 2.1%
United States 0.5% 0.5% 0.4% 1.8% 1.9% 1.8% 1.8%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/22
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
Southwest 9 2 1 1 1 1 1 1United States 80 18 27 9 9 4 3 2
2012 2014 2016 2018 2020 20220.0
1.0
2.0
3.0
4.0
Austin
Southwest
US
Asking Rent Growth Rate Trends and Forecast%
Period ending 12/31/22
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 201016323
Neighborhood and Community Shopping Centers
Section 12 - Vacancy Rate Comparisons and Forecast
Vacancy Rates
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
Austin 5.5% 5.3% 5.3% 5.5% 5.9% 6.2% 5.6%
Southwest 11.0% 10.9% 10.9% 10.9% 11.1% 11.5% 10.8%
United States 10.0% 10.0% 10.0% 9.9% 10.0% 10.2% 9.8%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/22
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
Southwest 9 1 1 1 1 1 1 1United States 80 5 2 4 5 6 8 5
2012 2014 2016 2018 2020 2022
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Austin
Southwest
US
Vacancy Rate Trends and Forecast%
Period ending 12/31/22
Neighborhood and Community Shopping Centers
Section 13 - Metro Inventory Details
Inventory By Center Age Shopping Center Stock Traits
Year Built Percent
Before 1970 6.0%
1970-1979 13.0%
1980-1989 38.0%
1990-1999 20.0%
2000-2009 17.0%
After 2009 7.0%
All 100.0%
As of 12/31/17
MetroLow Mean Median High
Year Built 1955 1990 1986 2017Size (sq. ft.) 7,000 68,518 44,188 380,000
Distance to Highway (miles) 0 0.8 0.4 7.8Distance to CBD (miles) 1.5 9.1 7.8 27
Distance to Landmark (miles) 0.5 5.1 4.2 19As of 12/31/17 Landmark =Colorado River
Average Metro Lease Terms
Anchor/Nonanchor CRD % Free Rent
(mos)Expenses $
(Commercial)Lease Term
(yrs)Leasing
Commission %Tenant
Improvements $A - 6.5% 3.0 $ 7.20 8.2 7.9% $15.60N - 5.0% 1.2 $ 7.30 4.5 10.2% $13.70
As of 12/31/17
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 211016323
Section 14 - Inventory Growth Comparisons
Inventory Growth Rates
Quarterly Annualized
4Q17 3Q17 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
Austin 0.0% 0.1% 0.1% 0.2% 1.0% 1.2% 0.7%
Southwest 0.1% 0.1% 0.2% 0.7% 1.0% 0.8% 0.5%
United States 0.1% 0.1% 0.1% 0.5% 0.5% 0.5% 0.4%
Period Ending: 12/31/17 09/30/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/22
Metro Rank Total Metro RanksCompared to: Metros
4Q17 3Q17 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
Southwest 9 6 3 6 6 2 2 1United States 80 44 21 40 40 8 2 7
2012 2014 2016 2018 2020 20220.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Austin
Southwest
US
Inventory Growth Comparisons and Forecast%
Period ending 12/31/22
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 221016323
Section 15 - Construction/Absorption Change
Construction and Absorption
Quarterly
4Q17 3Q17 YTD Avg
Sq Ft Built Sq FtAbsorbed
Con/AbsRatio Sq Ft Built Sq Ft
AbsorbedCon/Abs
Ratio Sq Ft Built Sq FtAbsorbed
Con/AbsRatio
Austin 0 -43,000 0.0 15,000 5,000 3.0 8,800 5,800 1.5
Southwest 295,000 200,000 1.5 133,000 -74,000 -1.8 485,500 347,000 1.4Average over period ending: 12/31/17 12/31/17 12/31/17 09/30/17 09/30/17 09/30/17 12/31/17 12/31/17 12/31/17
Annualized
1 Year History 3 Year History 5 Year History
Sq Ft Built Sq FtAbsorbed
Con/AbsRatio Sq Ft Built Sq Ft
AbsorbedCon/Abs
Ratio Sq Ft Built Sq FtAbsorbed
Con/AbsRatio
Austin 35,000 23,000 1.5 208,000 277,000 0.8 243,000 295,000 0.8
Southwest 1,942,000 1,388,000 1.4 2,527,000 2,797,000 0.9 2,130,000 2,674,000 0.8Average over period ending: 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17
Annualized
5 Year Forecast
Sq Ft Built Sq FtAbsorbed
Con/AbsRatio
Austin 150,000 137,600 1.1
Southwest 1,208,200 1,272,400 1.0Average over period ending: 12/31/22 12/31/22 12/31/22
0
100,000
200,000
300,000
400,000
Squ
are
Fee
t
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0
2
4
6
Vac
ancy
Rat
e (%
)Construction/Absorption and Vacancy
Vacancy Rate Construction Absorption
Period ending 12/31/22
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 231016323
Section 16 - Economic and Demographic Trends
2012 2014 2016 2018 2020 2022-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Austin Southwest US
Household Income Growth Trends and Forecast Metro vs. Region & U.S.
Per
cent
age
Cha
nge
Provided by Moody's Economy.com, Period ending 12/31/22
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1.0%
2.0%
3.0%
4.0%
Austin Southwest US
Total Employment Growth Trends and Forecast Metro vs. Region & U.S.
Per
cent
age
Cha
nge
Provided by Moody's Economy.com, Period ending 12/31/22
2012 2014 2016 2018 2020 2022
2.60%
2.80%
3.00%
3.20%
3.40%
Population Households
Austin Population/Household Growth Trends and Forecast
Per
cent
age
Cha
nge
Provided by Moody's Economy.com, Period ending 12/31/22
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 241016323
Section 17 - Metro Area Map: Austin
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 251016323
Neighborhood Shopping Centers
Section 18 - Metro Data
Year Qtr InventorySF/Units Completions Inventory
Growth% Vacant Stock VacancyRate
VacancyChange(BPS)
OccupiedStock
NetAbsorption Asking Rent Ask Rent %
Chg
2012 Y 11,815,000 11,000 0.1% 836,000 7.1% -120 10,979,000 149,000 $18.87 1.5%
2013 Y 11,873,000 58,000 0.5% 692,000 5.8% -130 11,181,000 202,000 $19.31 2.3%
2014 Y 11,960,000 87,000 0.7% 704,000 5.9% 10 11,256,000 75,000 $19.87 2.9%
2015 Y 12,028,000 68,000 0.6% 718,000 6.0% 10 11,310,000 54,000 $20.66 4.0%
2016 Q1 12,040,000 12,000 0.1% 686,000 5.7% -30 11,354,000 44,000 $20.93 1.3%
2016 Q2 12,063,000 23,000 0.2% 697,000 5.8% 10 11,366,000 12,000 $21.01 0.4%
2016 Q3 12,087,000 24,000 0.2% 728,000 6.0% 20 11,359,000 -7,000 $21.05 0.2%
2016 Q4 12,181,000 94,000 0.8% 745,000 6.1% 10 11,436,000 77,000 $21.17 0.6%
2016 Y 12,181,000 153,000 1.3% 745,000 6.1% 10 11,436,000 126,000 $21.17 2.5%
2017 Q1 12,181,000 0 0.0% 729,000 6.0% -10 11,452,000 16,000 $21.22 0.2%
2017 Q2 12,201,000 20,000 0.2% 755,000 6.2% 20 11,446,000 -6,000 $21.41 0.9%
2017 Q3 12,216,000 15,000 0.1% 768,000 6.3% 10 11,448,000 2,000 $21.56 0.7%
2017 Q4 12,216,000 0 0.0% 789,000 6.5% 20 11,427,000 -21,000 $21.76 0.9%
2017 Y 12,216,000 35,000 0.3% 789,000 6.5% 40 11,427,000 -9,000 $21.76 2.8%
Year Qtr EffectiveRent
Eff Rent %Chg Cons/Abs Abs/Occ
Stock% Population Pop%Chg Employment Emp%
Chg Households HH%Chg
Avg HHIncome
AHHI%Chg
2012 Y $17.11 1.6% 0.1 1.4% 1,858,110 2.8% 860,600 4.9% 709,220 3.3% $123,835 8.6%
2013 Y $17.55 2.6% 0.3 1.8% 1,911,370 2.9% 898,900 4.5% 733,370 3.4% $121,348 - 2.0%
2014 Y $18.09 3.1% 1.2 0.7% 1,970,160 3.1% 936,370 4.2% 755,710 3.0% $129,860 7.0%
2015 Y $18.84 4.1% 1.3 0.5% 2,026,450 2.9% 978,330 4.5% 776,620 2.8% $132,711 2.2%
2016 Q1 $19.10 1.4% 0.3 0.4% 2,041,150 0.7% 987,330 0.9% 781,960 0.7% $131,702 - 0.8%
2016 Q2 $19.18 0.4% 1.9 0.1% 2,056,410 0.7% 994,670 0.7% 786,800 0.6% $132,048 0.3%
2016 Q3 $19.23 0.3% -3.4 - 0.1% 2,070,990 0.7% 1,004,430 1.0% 792,640 0.7% $132,161 0.1%
2016 Q4 $19.33 0.5% 1.2 0.7% 2,085,470 0.7% 1,014,170 1.0% 797,990 0.7% $131,560 - 0.5%
2016 Y $19.33 2.6% 1.2 1.1% 2,085,470 2.9% 1,014,170 3.7% 797,990 2.8% $131,560 - 0.9%
2017 Q1 $19.38 0.3% 0.0 0.1% 2,099,940 0.7% 1,018,830 0.5% 804,030 0.8% $133,741 1.7%
2017 Q2 $19.57 1.0% -3.3 - 0.1% 2,114,970 0.7% 1,023,200 0.4% 810,260 0.8% $133,755 0.0%
2017 Q3 $19.70 0.7% 7.5 0.0% 2,129,940 0.7% 1,025,600 0.2% 816,280 0.7% $134,411 0.5%
2017 Q4 $19.87 0.9% 0.0 - 0.2% 2,144,760 0.7% 1,030,870 0.5% 822,510 0.8% $135,280 0.6%
2017 Y $19.87 2.8% -3.9 - 0.1% 2,144,760 2.8% 1,030,870 1.6% 822,510 3.1% $135,280 2.8%
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 261016323
Community Shopping Centers
Section 19 - Metro Data
Year Qtr InventorySF/Units Completions Inventory
Growth% Vacant Stock VacancyRate
VacancyChange(BPS)
OccupiedStock
NetAbsorption Asking Rent Ask Rent %
Chg
2012 Y 8,588,000 0 0.0% 615,000 7.2% 10 7,973,000 -1,000 $22.25 0.5%
2013 Y 8,842,000 254,000 3.0% 681,000 7.7% 50 8,161,000 188,000 $22.68 1.9%
2014 Y 9,031,000 189,000 2.1% 690,000 7.6% -10 8,341,000 180,000 $23.37 3.0%
2015 Y 9,249,000 218,000 2.4% 594,000 6.4% -120 8,655,000 314,000 $24.35 4.2%
2016 Q1 9,249,000 0 0.0% 540,000 5.8% -60 8,709,000 54,000 $24.53 0.7%
2016 Q2 9,249,000 0 0.0% 466,000 5.0% -80 8,783,000 74,000 $24.58 0.2%
2016 Q3 9,249,000 0 0.0% 461,000 5.0% 0 8,788,000 5,000 $24.71 0.5%
2016 Q4 9,400,000 151,000 1.6% 430,000 4.6% -40 8,970,000 182,000 $24.92 0.8%
2016 Y 9,400,000 151,000 1.6% 430,000 4.6% -180 8,970,000 315,000 $24.92 2.3%
2017 Q1 9,400,000 0 0.0% 396,000 4.2% -40 9,004,000 34,000 $25.09 0.7%
2017 Q2 9,400,000 0 0.0% 379,000 4.0% -20 9,021,000 17,000 $25.37 1.1%
2017 Q3 9,400,000 0 0.0% 376,000 4.0% 0 9,024,000 3,000 $25.57 0.8%
2017 Q4 9,400,000 0 0.0% 398,000 4.2% 20 9,002,000 -22,000 $25.79 0.9%
2017 Y 9,400,000 0 0.0% 398,000 4.2% -40 9,002,000 32,000 $25.79 3.5%
Year Qtr EffectiveRent
Eff Rent %Chg Cons/Abs Abs/Occ
Stock% Population Pop%Chg Employment Emp%
Chg Households HH%Chg
Avg HHIncome
AHHI%Chg
2012 Y $20.04 0.5% 0.0 0.0% 1,858,110 2.8% 860,600 4.9% 709,220 3.3% $123,835 8.6%
2013 Y $20.43 1.9% 1.4 2.3% 1,911,370 2.9% 898,900 4.5% 733,370 3.4% $121,348 - 2.0%
2014 Y $21.09 3.2% 1.1 2.2% 1,970,160 3.1% 936,370 4.2% 755,710 3.0% $129,860 7.0%
2015 Y $22.02 4.4% 0.7 3.6% 2,026,450 2.9% 978,330 4.5% 776,620 2.8% $132,711 2.2%
2016 Q1 $22.20 0.8% 0.0 0.6% 2,041,150 0.7% 987,330 0.9% 781,960 0.7% $131,702 - 0.8%
2016 Q2 $22.25 0.2% 0.0 0.8% 2,056,410 0.7% 994,670 0.7% 786,800 0.6% $132,048 0.3%
2016 Q3 $22.37 0.5% 0.0 0.1% 2,070,990 0.7% 1,004,430 1.0% 792,640 0.7% $132,161 0.1%
2016 Q4 $22.56 0.8% 0.8 2.0% 2,085,470 0.7% 1,014,170 1.0% 797,990 0.7% $131,560 - 0.5%
2016 Y $22.56 2.5% 0.5 3.5% 2,085,470 2.9% 1,014,170 3.7% 797,990 2.8% $131,560 - 0.9%
2017 Q1 $22.74 0.8% 0.0 0.4% 2,099,940 0.7% 1,018,830 0.5% 804,030 0.8% $133,741 1.7%
2017 Q2 $23.01 1.2% 0.0 0.2% 2,114,970 0.7% 1,023,200 0.4% 810,260 0.8% $133,755 0.0%
2017 Q3 $23.21 0.9% 0.0 0.0% 2,129,940 0.7% 1,025,600 0.2% 816,280 0.7% $134,411 0.5%
2017 Q4 $23.39 0.8% 0.0 - 0.2% 2,144,760 0.7% 1,030,870 0.5% 822,510 0.8% $135,280 0.6%
2017 Y $23.39 3.7% 0.0 0.4% 2,144,760 2.8% 1,030,870 1.6% 822,510 3.1% $135,280 2.8%
Metro Trend FuturesRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 271016323
Neighborhood and Community Shopping Centers
Section 20 - Metro Data
Year Qtr InventorySF/Units Completions Inventory
Growth% Vacant Stock VacancyRate
VacancyChange(BPS)
OccupiedStock
NetAbsorption Asking Rent Ask Rent %
Chg
2012 Y 20,403,000 11,000 0.1% 1,451,000 7.1% -70 18,952,000 148,000 $20.29 0.9%
2013 Y 20,715,000 312,000 1.5% 1,373,000 6.6% -50 19,342,000 390,000 $20.75 2.3%
2014 Y 20,991,000 276,000 1.3% 1,394,000 6.6% 0 19,597,000 255,000 $21.38 3.0%
2015 Y 21,277,000 286,000 1.4% 1,312,000 6.2% -40 19,965,000 368,000 $22.26 4.1%
2016 Q1 21,289,000 12,000 0.1% 1,226,000 5.8% -40 20,063,000 98,000 $22.49 1.0%
2016 Q2 21,312,000 23,000 0.1% 1,163,000 5.5% -30 20,149,000 86,000 $22.56 0.3%
2016 Q3 21,336,000 24,000 0.1% 1,189,000 5.6% 10 20,147,000 -2,000 $22.64 0.4%
2016 Q4 21,581,000 245,000 1.1% 1,175,000 5.4% -20 20,406,000 259,000 $22.80 0.7%
2016 Y 21,581,000 304,000 1.4% 1,175,000 5.4% -80 20,406,000 441,000 $22.80 2.4%
2017 Q1 21,581,000 0 0.0% 1,125,000 5.2% -20 20,456,000 50,000 $22.90 0.4%
2017 Q2 21,601,000 20,000 0.1% 1,134,000 5.2% 0 20,467,000 11,000 $23.14 1.0%
2017 Q3 21,616,000 15,000 0.1% 1,144,000 5.3% 10 20,472,000 5,000 $23.30 0.7%
2017 Q4 21,616,000 0 0.0% 1,187,000 5.5% 20 20,429,000 -43,000 $23.51 0.9%
2017 Y 21,616,000 35,000 0.2% 1,187,000 5.5% 10 20,429,000 23,000 $23.51 3.1%
2018 Y 21,755,000 139,000 0.6% 1,196,000 5.5% 0 20,559,000 130,000 $24.06 2.3%
2019 Y 21,913,000 158,000 0.7% 1,213,000 5.5% 0 20,700,000 141,000 $24.58 2.2%
2020 Y 22,070,000 157,000 0.7% 1,270,000 5.8% 30 20,800,000 100,000 $25.16 2.4%
2021 Y 22,224,000 154,000 0.7% 1,263,000 5.7% -10 20,961,000 161,000 $25.93 3.1%
2022 Y 22,366,000 142,000 0.6% 1,249,000 5.6% -10 21,117,000 156,000 $26.80 3.4%
Year Qtr EffectiveRent
Eff Rent %Chg Cons/Abs Abs/Occ
Stock% Population Pop%Chg Employment Emp%
Chg Households HH%Chg
Avg HHIncome
AHHI%Chg
2012 Y $18.34 1.0% 0.1 0.8% 1,858,110 2.8% 860,600 4.9% 709,220 3.3% $123,835 8.6%
2013 Y $18.78 2.4% 0.8 2.0% 1,911,370 2.9% 898,900 4.5% 733,370 3.4% $121,348 - 2.0%
2014 Y $19.38 3.2% 1.1 1.3% 1,970,160 3.1% 936,370 4.2% 755,710 3.0% $129,860 7.0%
2015 Y $20.22 4.3% 0.8 1.8% 2,026,450 2.9% 978,330 4.5% 776,620 2.8% $132,711 2.2%
2016 Q1 $20.45 1.1% 0.1 0.5% 2,041,150 0.7% 987,330 0.9% 781,960 0.7% $131,702 - 0.8%
2016 Q2 $20.51 0.3% 0.3 0.4% 2,056,410 0.7% 994,670 0.7% 786,800 0.6% $132,048 0.3%
2016 Q3 $20.59 0.4% -12.0 0.0% 2,070,990 0.7% 1,004,430 1.0% 792,640 0.7% $132,161 0.1%
2016 Q4 $20.74 0.7% 0.9 1.3% 2,085,470 0.7% 1,014,170 1.0% 797,990 0.7% $131,560 - 0.5%
2016 Y $20.74 2.6% 0.7 2.2% 2,085,470 2.9% 1,014,170 3.7% 797,990 2.8% $131,560 - 0.9%
2017 Q1 $20.84 0.5% 0.0 0.2% 2,099,940 0.7% 1,018,830 0.5% 804,030 0.8% $133,741 1.7%
2017 Q2 $21.07 1.1% 1.8 0.1% 2,114,970 0.7% 1,023,200 0.4% 810,260 0.8% $133,755 0.0%
2017 Q3 $21.22 0.7% 3.0 0.0% 2,129,940 0.7% 1,025,600 0.2% 816,280 0.7% $134,411 0.5%
2017 Q4 $21.40 0.8% 0.0 - 0.2% 2,144,760 0.7% 1,030,870 0.5% 822,510 0.8% $135,280 0.6%
2017 Y $21.40 3.2% 1.5 0.1% 2,144,760 2.8% 1,030,870 1.6% 822,510 3.1% $135,280 2.8%
2018 Y $21.91 2.4% 1.1 0.6% 2,204,620 2.8% 1,052,560 2.1% 847,180 3.0% $140,644 4.0%
2019 Y $22.41 2.3% 1.1 0.7% 2,263,100 2.7% 1,072,510 1.9% 870,500 2.8% $145,770 3.6%
2020 Y $23.02 2.7% 1.6 0.5% 2,321,470 2.6% 1,087,170 1.4% 893,640 2.7% $149,625 2.6%
2021 Y $23.78 3.3% 1.0 0.8% 2,382,870 2.6% 1,111,860 2.3% 917,950 2.7% $154,598 3.3%
2022 Y $24.61 3.5% 0.9 0.7% 2,446,130 2.7% 1,137,270 2.3% 942,650 2.7% $159,799 3.4%
Copyright 2018 Reis, Inc.
Submarket Overview
Submarket OverviewRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 291016323
Section 21 - Submarket Overview
Submarket Anchor/Nonanchor
Inventory(Buildings)
Inventory(Sq Ft)
AskingRent $ CRD % Vac
%
FreeRent(mos)
Expenses $(Commercial)
LeaseTerm(yrs)
LeasingCommission
%
TenantImprovements
$
Cent./Downtown Aust. A 56 2,866,000 $15.30 - 6.0% 1.3% 0.5 $ 7.22 8.9 6.0% $13.67
Cent./Downtown Aust. N 116 4,563,000 $22.99 - 1.7% 5.0% 0.8 $ 7.21 3.1 8.6% $11.34
South Austin A 46 3,591,000 $14.03 - 6.6% 2.4% 4.3 $ 9.46 10.1 10.5% $18.52
South Austin N 87 4,114,000 $27.30 - 7.6% 8.4% 1.8 $ 9.46 5.1 11.1% $17.73
Rnd. Rk./Wllmsn. Co. A 50 3,233,000 $12.36 - 6.7% 2.1% 3.7 $ 4.64 5.5 6.6% $14.04
Rnd. Rk./Wllmsn. Co. N 87 3,249,000 $19.61 - 6.3% 12.9% 1.1 $ 4.62 5.6 11.3% $12.04
Copyright 2018 Reis, Inc.
New Construction Listing
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 311016323
Section 22 - Construction Deliveries
Completed SF SF Under Construction Totals Planned Proposed Totals
2017 YTD 2018 2018 2019 and Later 2017 and LaterNeighborhood 34,730 85,459 0 0 120,189 716,743 125,950 842,693
Community 0 0 0 0 0 1,081,844 113,250 1,195,094Power Center 1,352,174 0 0 0 1,352,174 2,465,328 0 2,465,328
Regional 0 0 0 0 0 0 0 0Mixed Use 134,300 0 0 743,415 877,715 936,000 299,500 1,235,500
Other 0 0 154,712 0 154,712 19,106 7,822 26,928Totals 1,521,204 85,459 154,712 743,415 2,504,790 5,219,021 546,522 5,765,543
Section 23 - Metro Construction Breakdown
14.4 %
25.6 %
11.6 %
2.2 %
46.2 %
Metro Construction by Project Type 2017 and Later
CommunityMixed UseNeighborhoodOtherPower CenterRegional
57.5 %
20.9 %
14.1 %
7.5 %
Metro Construction by Top Five Submarket Share 2017 and Later
Non-Submarketed AreasRnd. Rk./Wllmsn. Co.South AustinCent./Downtown Aust.
Includes all recently completed, under construction, planned, and proposed properties from the table above. Note that some verified listings for planned and proposed properties do not yet have afirm completion date.
Section 24 - Submarket New Construction Project Tally
1. Completed 2. Under Construction 3. Planned/Proposed
Submarket Neigh/Comm
Power/Reg. Other Neigh/
CommPower/Reg. Other Neigh/
CommPower/Reg. Other Grand
Total
Cent./Downtown Aust. 0 0 0 0 0 0 472,639 0 147,822 620,461
South Austin 0 0 24,300 0 0 0 281,504 320,600 536,000 1,162,404
Rnd. Rk./Wllmsn. Co. 111,780 400,000 110,000 0 0 0 523,084 90,000 494,606 1,729,470
Non-Submarketed Areas 8,409 952,174 0 0 0 898,127 760,560 2,054,728 84,000 4,757,998
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 321016323
Neighborhood and Community Shopping Centers
Section 25 - Metro Inventory Details
Inventory By Center Age
Year Built Percent
Before 1970 6.0%
1970-1979 13.0%
1980-1989 38.0%
1990-1999 20.0%
2000-2009 17.0%
After 2009 7.0%
All 100.0%
As of 12/31/172012 2014 2016 2018 2020 2022
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Austin Southwest US
Retail Inventory Growth Trend and Forecast%
Section 26 - Inventory Growth Rankings Forecast
Southwest Region Cumulative Inventory Growth Forecast Ranking 2018 and Later National Cumulative Inventory Growth Forecast Ranking 2018 and Later
Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast RankAustin 3.5% 1
Houston 2.9% 2
Dallas 2.1% 3
San Antonio 2.0% 4
Oklahoma City 1.6% 5
New Orleans 0.0% 9
New Orleans 0.0% 9
Birmingham 5.3% 1
Northern New Jersey 4.3% 5
Tacoma 3.5% 6
Austin 3.5% 7
Nashville 3.4% 8
Ventura County 3.3% 9
New Orleans 0.0% 80
Section 27 - Construction/Absorption Change
Construction and Absorption
Quarterly
4Q17 3Q17 YTD Avg
Sq Ft Built Sq FtAbsorbed
Con/AbsRatio Sq Ft Built Sq Ft
AbsorbedCon/Abs
Ratio Sq Ft Built Sq FtAbsorbed
Con/AbsRatio
Austin 0 -43,000 0.0 15,000 5,000 3.0 8,800 5,800 1.5
Southwest 295,000 200,000 1.5 133,000 -74,000 -1.8 485,500 347,000 1.4Average over period ending: 12/31/17 12/31/17 12/31/17 09/30/17 09/30/17 09/30/17 12/31/17 12/31/17 12/31/17
Annualized
1 Year History 3 Year History 5 Year History
Sq Ft Built Sq FtAbsorbed
Con/AbsRatio Sq Ft Built Sq Ft
AbsorbedCon/Abs
Ratio Sq Ft Built Sq FtAbsorbed
Con/AbsRatio
Austin 35,000 23,000 1.5 208,000 277,000 0.8 243,000 295,000 0.8
Southwest 1,942,000 1,388,000 1.4 2,527,000 2,797,000 0.9 2,130,000 2,674,000 0.8Average over period ending: 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17 12/31/17
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 331016323
Section 28 - Occupancy at Completion
0
20
40
60
80
100
Occ
upan
cy (
%)
2011 2012 2013 2014 2015 2016 2017
Occupancy at Completion Comparisons
Austin Overall Occupancy Austin Occupancy at Completion Southwest Occupancy at Completion US Occupancy at Completion
Occupancy at Completion ComparisonsProperties Built in: 2011 2012 2013 2014 2015 2016 2017
Austin 56.5% 36.7% 76.4% 24.7% 65.3% 82.9% 66.7%Southwest 74.8% 85.0% 92.4% 90.9% 71.5% 39.4% 38.0%United States 86.6% 62.3% 76.3% 61.9% 80.5% 74.7% 64.6%*Occupation at completion is calculated for all properties completed during each individual calendar year
Section 29 - Stabilization Data
0 1 2 3 4 5 6 7 80.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2011 2012 2013 2014 2015 2016 2017 Long Term Metro Vacancy Average
New Construction Quarters to Stabilization
Quarters After Completion
Vac
ancy
(%
)
%
Stabilization Data
Construction Year: 2011 2012 2013 2014 2015 2016 2017 YTD
No.of Properties Tracked 1 1 4 4 9 6 1
Properties Stabilized 0-4 Quarters After Completion 1 1 4 4 9 6 1Properties Stabilized 5-8 Quarters After Completion 0 0 0 0 0 0 0Properties Stabilized 9-12 Quarters After Completion 0 0 0 0 0 0 0Properties Stabilized 13+ Quarters After Completion 0 0 0 0 0 0 0Properties That Have Not Yet Stabilized 0 0 0 0 0 0 0
Stabilization is reached when the average vacancy of the properties built in any given year equals or is less than the metro's average overall vacancy for the last five years. "0" in theQuarters After Completion chart above represents the vacancy at completion.
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 341016323
Section 30 - Metro Area Map: Austin
Completed Projects Under Construction Planned/Proposed
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 351016323
Section 31 - New Construction Listing
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
Submarket: Cent./Downtown Aust.
1
PAD H @QUINLAN CROSSINGRANCH RD 620 @ QUINLAN CROSSINGAUSTIN, TX 78732
Developer Name: CRAIG WYSEDeveloper Phone: (925) 738 - 1400Developer Company: PROPERTYDEVELOPMENT CENTERS
10-18-2016 Freestanding Travis 5,000 1 Proposed
2
PAD J @ QUINLAN CROSSING5145 N FM 620 AUSTIN, TX 78732
Developer Name: CRAIG WYSEDeveloper Phone: (925) 738 - 1400Developer Company: PROPERTYDEVELOPMENT CENTERS
10-18-2016 Freestanding Travis 2,822 1 Proposed
3
Austin Oaks Redevelopment RetailSPICEWOOD SPRINGS RD @ N MOPAC EXPYAUSTIN, TX 78759
Developer Name: CandiDeveloper Phone: (214) 740 - 2300Developer Company: Spire Realty Group
08-01-2017 Mixed Use Travis 100,000 1 Planned
4 MILLENIUM RAINEY91 Rainey Street Austin, TX 78701
06-01-2016 Mixed Use Travis 250,000 6/2016 Complete
5
HIGHPOINTE VILLAGE6701 N. FM 620 AUSTIN, TX 78750
Developer Name: WAY ATMADJEDeveloper Phone: (512) 343 - 0766Developer Company: WAY CONSULTING
05-17-2017 Neighborhood Travis 48,625 1 12 Planned
6
SIENNA CENTERBOGGY FORD RD @ LOHMAN FORD RDLEANDER, TX 78645
Developer Name: JennyDeveloper Phone: (512) 694 - 9400Developer Company: Pohl, Brown andAssociates
05-16-2017 Neighborhood Travis 50,500 2 Planned
7
Volente Retail Center11907 ANDERSON MILL RD AUSTIN, TX 78726
Developer Name: Eric JohnsonDeveloper Phone: (512) 250 - 5356Developer Company: Johnson Four Corners, Ltd.
04-26-2017 Neighborhood Travis 34,014 5 1 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 361016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
8
Block 87 Mixed Use RetailEast 7th Street Austin, TX 78701
Developer Phone: (512) 600 - 7900Developer Company: Cielo Property Group
04-24-2017 Mixed Use Travis 40,000 Planned
9 THE DOMAIN (EXP)11400 BURNET RD AUSTIN, TX 73301
03-25-2016 Regional Travis 171,000 9/2016 Complete
10
LAMAR BLVD @ 9th STREETLAMAR BLVD @ 9TH ST AUSTIN, TX 78703
Developer Name: CindyDeveloper Phone: (512) 472 - 7774Developer Company: SCHLOSSERDEVELOPMENT CORP
02-17-2017 Neighborhood Travis 15,000 Planned
11
Four Points Retail DevelopmentVista Parke Dr and RR 620 Austin, TX 78726
Owner Name: Cory PrestonOwner Phone: (210) 938 - 8000Owner Company: HEB Grocery Company
02-13-2017 Community Travis 300,000 1 1 Planned
12 The Park at Bee Caves3822-3898 South Drive Austin, TX 78759
01-20-2017 Neighborhood Travis 14,000 1 Planned
13 North Campus Development RetailAirport Blvd & E 53 1/2 St Austin, TX 78751
01-19-2017 Neighborhood Travis 10,500 2 1 Planned
Submarket: Rnd. Rk./Wllmsn. Co.
14
CROSSING AT PALM VALLEY2000-2004 E PALM VALLEY BLVD ROUNDROCK, TX 78665
Developer Name: GRAHAM CARTERDeveloper Phone: (512) 482 - 0094
11-14-2017 Community Williamson 113,250 3 Proposed
15 Spicewood Centre Ph 2 Retail13642 N Highway 183 Austin, TX 78750
11-06-2017 Freestanding Williamson 12,000 1 9/2018 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 371016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
16
CRYSTAL FALLS TOWN CENTERLAKELINE BLVD @ CRYSTAL FALLS PKWYLEANDER, TX 78641
Developer Name: PaulDeveloper Phone: (214) 561 - 8800Developer Company: CYPRESS EQUITIES
11-04-2016 Neighborhood Williamson 93,642 5 1 9/2015 11/2016 Complete
17
The Summit at Rivery Park1500 RIVERY BLVD GEORGETOWN, TX 78628
Developer Name: LYNNDeveloper Phone: (512) 931 - 7774Developer Company: NOVAK BROTHERS
10-05-2017 Mixed Use Williamson 110,000 1 1 10/2017 Complete
18
Presidio in Cedar Park-Retail12100 W PARMER LN CEDAR PARK, TX 78613
Developer Name: Jason ArechigaDeveloper Phone: (210) 487 - 7878Developer Company: NRP Group
10-05-2017 Neighborhood Williamson 24,400 2 1 Planned
19
H-E-B Plus! Gattis School Shopping Center5000 Gattis School Road Hutto, TX 78634
Developer Phone: (512) 477 - 1212Developer Company: BARSHOP & OLES
09-15-2017 Community Williamson 150,548 2 1 11/2016 Complete
20
Star Ranch Station4750 Gattis School Road Hutto, TX 78634
Developer Name: Drew SmithDeveloper Phone: (512) 474 - 5557Developer Company: Retail Solutions
09-07-2017 Neighborhood Travis 15,000 1 1 7/2017 9/2017 Complete
21 Shops at Lakeline115 S Lakeline Blvd Cedar Park, TX 78613
09-07-2016 Neighborhood Williamson 23,634 4/2015 7/2016 Complete
22
Shops at Lakeline Village Phase 21850 S LAKELINE BLVD CEDAR PARK, TX78613
Developer Name: GinaDeveloper Phone: (512) 335 - 5577Developer Company: POHL, BROWN &ASSOCIATES
08-01-2017 Freestanding Williamson 7,106 1 Planned
23
HUTTO TOWN CENTER PH IICOUNTY ROAD 119 @ STATE HWY 79HUTTO, TX 78634
Developer Name: DianeDeveloper Phone: (281) 477 - 4300Developer Company: NewQuest Properties
07-31-2017 Community Williamson 128,284 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 381016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
24
Scottsdale Crossing Commerce 2Highway 183A & Scottsdale Dr Cedar Park, TX78613
Leasing Agent Name: Tom PardeeLeasing Agent Phone: (512) 587 - 8919Leasing Agent Company: TGI REAL ESTATE
07-12-2017 Neighborhood Williamson 11,750 1 Proposed
25
Scottsdale Crossing Commerce 1Highway 183A & Scottsdale Dr Cedar Park, TX78613
Leasing Agent Name: Tom PardeeLeasing Agent Phone: (512) 587 - 8919Leasing Agent Company: TGI REAL ESTATE
07-12-2017 Mixed Use Williamson 10,500 1 Proposed
26
Scottsdale Crossing Commerce 3Highway 183A & Scottsdale Dr Cedar Park, TX78613
Leasing Agent Name: Tom PardeeLeasing Agent Phone: (512) 587 - 8919Leasing Agent Company: TGI REAL ESTATE
07-12-2017 Neighborhood Williamson 7,200 1 Proposed
27
Scottsdale Crossing Technology Center 4Scottsdale Dr & TX-183A Cedar Park, TX 78613
Developer Name: Tom PardeeDeveloper Phone: (512) 587 - 8919Developer Company: TIG REAL ESTATE
07-12-2017 Mixed Use Williamson 5,000 1 Proposed
28 THE SHOPS AT GREENLAWN3200 Greenlawn Blvd Round Rock, TX 78664
07-12-2016 Neighborhood Travis 23,196 4/2016 Complete
29
WATER OAK AT SAN GABRIEL RETAILWATER OAK PKWY @ FM 2243GEORGETOWN, TX 78628
Leasing Agent Name: GrichenLeasing Agent Phone: (210) 402 - 6363Leasing Agent Company: DRAKE COMMERCIAL
06-19-2017 Mixed Use Williamson 260,000 1 Planned
30
Cypress Creek Plaza (EXP)1310 CYPRESS CREEK RD CEDAR PARK, TX78613
Developer Name: HanahDeveloper Phone: (512) 368 - 7021Developer Company: Central SouthwestDevelopment
06-06-2017 Neighborhood Williamson 19,730 2 1 12/2016 6/2017 Complete
31
OLD MILL CENTERLAKELINE BLVD @ OLD MILL RD CEDARPARK, TX 78613
Developer Name: LeeDeveloper Phone: (512) 335 - 5577Developer Company: POHL, BROWN &ASSOCIATES
05-17-2017 Neighborhood Williamson 28,600 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 391016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
32
LIBERTY CENTERCYPRESS CREEK RD @ LIBERTY OAKS BLVDCEDAR PARK, TX 78613
Developer Name: LeeDeveloper Phone: (512) 335 - 5577Developer Company: POHL, BROWN &ASSOCIATES
05-17-2017 Neighborhood Williamson 60,450 Planned
33
LONE STAR PLAZAHWY 183 @ CALDWELL DR AUSTIN, TX 78750
Developer Name: GINADeveloper Phone: (512) 335 - 5577Developer Company: POHL, BROWN &ASSOCIATES
05-17-2017 Neighborhood Williamson 79,150 3 1 Planned
34
Round Rock Crossing Ph 3LOUIS HENNA BLVD @ I-35 N AUSTIN, TX78664
Leasing Agent Name: BRETT MAZELeasing Agent Phone: (512) 482 - 0094
05-10-2017 Power Center Williamson 90,000 3 1 Planned
35
RANCH AT BRUSHY CREEK (RETAIL)PARMER LN @ BRUSHY CREEK RD CEDARPARK, TX 78613
Developer Name: Mark CarterDeveloper Phone: (214) 217 - 4300Developer Company: MADISON PARTNERS
04-17-2017 Mixed Use Williamson 200,000 Proposed
36
THE PARKE183 TOLL RD CEDAR PARK, TX 78613
Developer Name: CHARLIE NORTHINGTONDeveloper Phone: (512) 682 - 5590
04-13-2017 Power Center Williamson 400,000 7 1 4/2016 4/2017 Complete
37 Holt Caterpillar2101 AIRPORT RD GEORGETOWN, TX 78628
03-31-2017 Neighborhood Williamson 60,000 1 Planned
38
CHANDLER CREEK311 University Blvd Round Rock, TX 78665
Leasing Agent Name: Tim AllenLeasing Agent Phone: (512) 368-7179Leasing Agent Company: JLL
02-05-2016 Neighborhood Williamson 12,260 2/2016 Complete
39
Crystal Falls Center Retail BuildingLAKELINE BLVD @ CRYSTAL FALLS PKWYLEANDER, TX 78641
Developer Name: Corey PittsDeveloper Phone: (281) 477 - 4300Developer Company: NewQuest Properties
01-26-2017 Neighborhood Williamson 10,000 1 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 401016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
40
Oak Meadows Marketplace5721 Williams Dr Georgetown, TX 78633
Developer Name: Tom RyanDeveloper Phone: (214) 561 - 8800Developer Company: CYPRESS EQUITIES
01-19-2018 Neighborhood Williamson 77,050 2 1 3/2017 1/2018 Complete
Submarket: South Austin
41
Covered Bridge Village8701 W HWY 71 AUSTIN, TX 78735
Developer Name: Bill SchultzDeveloper Phone: (512) 266 - 4749Developer Company: REAL ESTATEINVESTMENTS
11-10-2017 Mixed Use Travis 24,300 3 2 7/2015 11/2017 Complete
42Bella FortunaBradshaw Road & PLeasant Valley Rd ExtensionAustin, TX 78747
11-01-2017 Neighborhood Travis 26,136 Planned
43
Gray Rock RidgeS MO PAC BLVD @ STATE HWY 45 AUSTIN,TX 78739
Developer Name: CINDY KOHLERDeveloper Phone: (512) 481 - 0404Developer Company: WALTERS SOUTHWEST
10-09-2017 Mixed Use Travis 490,000 Planned
44
South Congress Station8900 S Congress Ave Austin, TX 78745
Developer Name: Guy GordonDeveloper Phone: (214) 259 - 7000Developer Company: Encore Enterprises
09-26-2017 Neighborhood Travis 50,000 Planned
45
RIVERBEND LANDINGHWY 71 @ STATE HWY 130 AUSTIN, TX 78617
Developer Name: JenniferDeveloper Phone: (949) 276 - 8300Developer Company: GOVEIA COMMERCIALREAL ESTATE
07-31-2017 Power Center Travis 320,600 Planned
46 SOUTH LAMAR PLAZA1100 South Lamar Boulevard Austin, TX 78704
07-13-2016 Mixed Use Travis 90,000 4/2013 4/2016 Complete
47
GATEWAY TO FALCONHEAD RETAIL3400 RANCH RD 620 S AUSTIN, TX 78739
Developer Name: JOHN ELGESDeveloper Phone: (512) 391 - 0718Developer Company: ST CROIX CAPITAL
06-19-2017 Mixed Use Travis 46,000 7 1 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 411016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
48
REVIVAL SQUARE PH I13308 HIGHWAY 71 BEE CAVE, TX 78738
Owner Name: REF NAMEOwner Phone: (512) 263 - 4182Owner Company: REVIVAL SWUARE
04-27-2017 Neighborhood Travis 15,300 1 1 Planned
49
MARKET AT SLAUGHTER PH II1807 SLAUGHTER LN AUSTIN, TX 78745
Leasing Agent Name: PAULETTELeasing Agent Phone: (512) 681 - 1000Leasing Agent Company: STONECRESTINVESTMENTS
03-23-2017 Neighborhood Travis 28,000 Planned
50
LANTANA PLACESW WILLIAM CANNON DR @ SOUTHWESTPKWY AUSTIN, TX 78735
Developer Name: John AndrewsDeveloper Phone: (512) 478 - 5788Developer Company: STRATUS PROPERTIES
01-17-2017 Neighborhood Travis 62,405 6 Planned
51 Lantana Place Mixed Use~Retail7415 SOUTHWEST PKWY AUSTIN, TX 78735
01-16-2017 Neighborhood Travis 99,663 7 Planned
Submarket: Not in a Reis submarket
52
KYLE CROSSINGSW FM 1626 @ I-35 KYLE, TX 78640
Developer Name: PAUL SHEPPARDDeveloper Phone: (720) 204 - 4488
10-22-2014 Mixed Use Hays 743,415 6/2020UnderConstr.
53
PGI Mixed Use RetailYARRINGTON RD @ POST RD Kyle, TX 78666
Developer Phone: (760) 929 - 1200Developer Company: PGI Investments
10-16-2017 Power Center Hays 133,000 Planned
54
WONDER WORLD RETAIL243 WONDER WORLD DR SAN MARCOS, TX78666
Owner Name: BRETT GISSLEROwner Phone: (512) 708 - 0200Owner Company: AMS COMMERCIAL REALESTATE
10-05-2016 Neighborhood Hays 10,000 1 1 4/2016 10/2016 Complete
55
THE SHOPPES AT GARLIC CREEK PH IIS FM 1626 @ FM 967 BUDA, TX 78610
Developer Name: Sean MurphyDeveloper Phone: (512) 441 - 8888Developer Company: CLD Realty
09-26-2017 Community Hays 103,560 3/2018 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 421016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
56
Stone Hill Town CenterSTATE HWY 130 @ STATE HWY 45PFLUGERVILLE, TX 78660
Developer Name: JudyDeveloper Phone: (281) 477 - 4300Developer Company: NewQuest Properties
09-07-2017 Power Center Travis 952,174 26 1 9/2017 Complete
57
Stone Hill Town Center Phase IITexas 130 & State Highway 45 Pflugerville, TX78660
Developer Name: JudyDeveloper Phone: (281) 477 - 4300Developer Company: NewQuest Properties
09-07-2017 Power Center Travis 221,728 17 1 Planned
58
The Pecan District Future PhaseW Pecan St & Heatherwilde Blvd Pflugerville, TX78660
Developer Name: MarkDeveloper Phone: (512) 469 - 5950Developer Company: Galindo Group
08-31-2017 Mixed Use Travis 84,000 Proposed
59
PECAN CROSSINGSEC HWY 71 @ HWY 304 BASTROP, TX 78602
Developer Name: ROBERT LEFSINGDeveloper Phone: (512) 785 - 0440Developer Company: FIRST REPUBLIC
08-30-2017 Power Center Bastrop 700,000 1 Planned
60SHOPS AT 685FM-685 & E Pflugerville Pkwy Pflugerville, TX78660
06-02-2016 Neighborhood Travis 29,075 5/2016 Complete
61 DORMAN RETAIL CENTER4640 FM-1626 S Kyle, TX 78640
06-01-2016 Neighborhood Hays 7,200 6/2015 6/2016 Complete
62 PALM SQUARE SHOPPING CENTER6004 FM-969 Austin, TX 78724
05-31-2016 Neighborhood Travis 50,000 12/2014 6/2016 Complete
63
PARMER COMMONSE PARMER LN @ HARRIS BRANCH PKWYAUSTIN, TX 78754
Owner Phone: (512) 346 - 5180Owner Company: Reoc Austin
05-16-2017 Community Travis 175,000 Planned
New Construction ListingRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinAs of 23-Jan-2018CustomerID:1016323
Copyright 2018 Reis, Inc. Page 431016323
No. Property Name and Address Date AsOf Secondary Type County Size (Sq Ft) No. Bldgs Floors Est.
GroundbreakEst.
Completion Status
64
LAS ENTRADASUS HWY 290 @ GREGG MANOR RD MANOR,TX 78653
Developer Name: KimDeveloper Phone: (512) 327 - 7415Developer Company: DWYER REALTY
05-03-2017 Power Center Travis 1,000,000 Planned
65
INDIAN HILLSN FM 973 @ DECKER LAKE RD/STATE HAUSTIN, TX 78724
Developer Name: LARRY BEARDDeveloper Phone: (512) 276 - 7200Developer Company: INDIAN HILLSINVESTMENTS LTD
03-23-2017 Community Travis 375,000 Planned
66
PARMER VILLAGE800 E PARMER LN AUSTIN, TX 78753
Developer Name: Winn ScottDeveloper Phone: (512) 474 - 5557Developer Company: Retail Solutions
02-01-2017 Neighborhood Travis 107,000 6 Proposed
67
Windmill Center Commercial Development21511 South Interstate 35 Frontage Road Kyle,TX 78640
Leasing Agent Name: Hampton FriedmanLeasing Agent Phone: (504) 259 - 7377Leasing Agent Company: Longbow Real Estate
01-17-2018 Neighborhood Hays 8,409 1 1 1/2017 1/2018 Complete
68
Costco Wholesale PflugervilleKelly Ln & TX-130-TOLL Pflugerville, TX 78660
Owner Name: Sandy FryOwner Phone: (425) 313 - 8100Owner Company: COSTCO WHOLESALE
01-02-2018 Freestanding Travis 154,712 1 1 1/2018 7/2018UnderConstr.
Copyright 2018 Reis, Inc.
Sales Trend
Sales TrendRetail - 4Q 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 451016323
4Q 2017 Metro Statistics Metro Statistics - 12 Month RollingMean Median 25th Percentile Mean Median 75th Percentile
Cap Rate 4.6% 4.6% 4.6% 6.5% 4.9% 6.0%Total Size (SF) 13,919 14,250 10,800 78,803 17,500 44,050Sale Price $4,188,094 $2,078,125 $3,368,750 $10,650,169 $5,375,000 $6,582,500Price/SF (Area Purchased) $301 $297 $182 $317 $280 $473Number of Floors 1 1 1 1 1 1Year Built 2000 1998 1991 2005 2005 2012
Submarkets1. Central/Downtown Austin
2. South Austin
4. Round Rock/Williamson County
Most Recent Transactions
City, State SubmarketYearBuilt Type
Price Per SqFt Range Sale Date
Reis SalesComparables
Number
1. Austin, TX Cent./Downtown Aust. 1994 Freestanding Retail Bldg. n/a Q1 2018 37568292. Marble Falls, TX Outside Delineated Submarkets 1984 Freestanding Retail Bldg. n/a Q4 2017 37490533. Pflugerville, TX Outside Delineated Submarkets 2016 Gas Station/Repair Garage n/a Q4 2017 37526514. Canyon Lake, TX Outside Delineated Submarkets 2011 Freestanding Retail Bldg. n/a Q4 2017 37463655. Austin, TX Cent./Downtown Aust. 1975 n/a Q4 2017 37570516. Austin, TX Cent./Downtown Aust. 1878 Mixed-Use/Downtown/Other n/a Q4 2017 37413807. Austin, TX Cent./Downtown Aust. 1980 Neighborhood Ctr. n/a Q4 2017 37276158. Austin, TX Cent./Downtown Aust. 1970 n/a Q4 2017 37201549. Austin, TX Cent./Downtown Aust. 1958 Bank n/a Q4 2017 370807610. Austin, TX Outside Delineated Submarkets 1983 Neighborhood Ctr. n/a Q4 2017 370799711. Austin, TX Cent./Downtown Aust. 1931 Mixed-Use/Downtown/Other n/a Q4 2017 373605612. Austin, TX South Austin 1972 n/a Q4 2017 370797313. Georgetown, TX Rnd. Rk./Wllmsn. Co. 2009 Freestanding Retail Bldg. n/a Q4 2017 371366114. Austin, TX Cent./Downtown Aust. 1960 Bank n/a Q4 2017 370193215. Austin, TX Cent./Downtown Aust. 2000 n/a Q4 2017 370187616. Hutto, TX Rnd. Rk./Wllmsn. Co. 2006 Gas Station/Repair Garage n/a Q4 2017 370264717. San Marcos, TX Outside Delineated Submarkets 1986 Freestanding Retail Bldg. n/a Q4 2017 369599718. Austin, TX Outside Delineated Submarkets 2002 n/a Q4 2017 369551519. Austin, TX South Austin 1979 Gas Station/Repair Garage n/a Q4 2017 368700720. Round Rock, TX Rnd. Rk./Wllmsn. Co. 2016 Neighborhood Ctr. n/a Q4 2017 3697305
For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions ortransactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.Reis.com
Sales TrendRetail - 4Q 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 461016323
Property Location and Physical Characteristics
Property Name Abels North Property Type
Address 4001 W Parmer Ln Bldg. Area/Area Purchased (SF) 24,550GLA / 24,550GLA
City Austin Anchor/Nonanchor Space (SF) 24,550 / 0
State/ZIP/County TX / 78727 / Travis No. of Bldgs./Floors 1 / 1
Metro (Submarket) Austin (Cent./Downtown Aust.) Year Built/Renovated 2000 / --
Comments Property is a event center.
Sale Details and Analysis
Sale Date 20 Oct 2017 Reis Cap Rate Analysis ProformaSale Price $11,956,250 EST All per square foot figures are on an annual basis
Sale Price PSF $487 Total Rentable Area Assumption --
Vacancy at Sale 0.0% (excludes sublease) Potential Rent Revenue --Vacancy Loss/Rate --
Seller 1. Abels on Parmer LLC / 2815 Manor Rd, Austin, TX 78722 Effective Rent Revenue --
Expense Reimbursements --
Free Rent Concessions --Credit Loss --
Buyer 1. 4001 Creative Offices LLC / 1616 W 5th St, Austin, TX 78703 Additional Income --
Effective Gross Revenue --Operating Expenses --
Capital Reserve --Net Operating Income --
Comments Sales price is undisclosed. Est Going-in Cap Rate/EGIM -- / --
12-Month Rolling Metro Cap Rate 5.2% [Q4 2017]Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker (Lstg)Doug Rauls, Colliers International, 111 CongressAve, Ste 750, Austin, TX 78701, (512) 539-3006
Parking Spaces 369
Buyer's Broker Key Tenants Abels North 24550 SF
Other Broker
Interest Purchased
Lot Size 367,864 SF / 8.445 Acres
Parcels Number 479418
Deed Reference 2017168827
Time on Market
Financing Details Frost Bank provided a 5 year $9,565,000 loan.
Other:
Sales TrendRetail - 4Q 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 471016323
Property Location and Physical Characteristics
Property Name Caliber Collision Property Type Gas Station/Repair Garage
Address 1312 Farm to Market 685 Bldg. Area/Area Purchased (SF) 16,352GLA / 16,352GLA
City Pflugerville Anchor/Nonanchor Space (SF) 16,352 / 0
State/ZIP/County TX / 78660 / Travis No. of Bldgs./Floors 2 / 1
Metro (Submarket) Austin (Outside Delineated Areas) Year Built/Renovated 2016 / --
Comments Property is a repair garage.
Sale Details and Analysis
Sale Date 27 Dec 2017 Reis Cap Rate Analysis ProformaSale Price $3,937,500 EST All per square foot figures are on an annual basis
Sale Price PSF $241 Total Rentable Area Assumption --
Vacancy at Sale 0.0% (excludes sublease) Potential Rent Revenue --Vacancy Loss/Rate --
Seller 1. Cross Development / (214) 614-8252 / 4336 Marsh Ridge Rd,Carrollton, TX 750102. Cross Development CC Pflugerville LLC
Effective Rent Revenue --
Expense Reimbursements --
Free Rent Concessions --Credit Loss --
Buyer 1. Zaki Family Partnership LP / 1424 La Vereda Ln, Santa Barbara,CA 93108
Additional Income --
Effective Gross Revenue --Operating Expenses --
Capital Reserve --Net Operating Income --
Comments Sales price is undisclosed. Est Going-in Cap Rate/EGIM -- / --
12-Month Rolling Metro Cap Rate 5.2% [Q4 2017]Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker Parking Spaces
Buyer's Broker Key Tenants Caliber Collision 16352 SF
Other Broker
Interest Purchased
Lot Size 166,312 SF / 3.818 Acres
Parcels Number 898566
Deed Reference 2017206145
Time on Market
Financing Details Symetra Life Insurance Company provided a 20 year $3,150,000 loan.
Other:
Sales TrendRetail - 4Q 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 481016323
Property Location and Physical Characteristics
Property Name Property Type Neighborhood Ctr.
Address 2200-2250 E Palm Valley Blvd Bldg. Area/Area Purchased (SF) 22,125GLA / 22,125GLA
City Round Rock Anchor/Nonanchor Space (SF) 0 / 22,125
State/ZIP/County TX / 78665 / Williamson No. of Bldgs./Floors 2 / 1
Metro (Submarket) Austin (Rnd. Rk./Wllmsn. Co.) Year Built/Renovated 2016 / --
Comments
Sale Details and Analysis
Sale Date 02 Oct 2017 Reis Cap Rate Analysis ProformaSale Price $10,556,250 EST All per square foot figures are on an annual basis
Sale Price PSF $477 Total Rentable Area Assumption --
Vacancy at Sale Potential Rent Revenue --Vacancy Loss/Rate --
Seller 1. CSW Development / (512) 861-3550 / 1703 W 5th St, Ste 850,Austin, TX 787032. CSW Palm Valley LLC
Effective Rent Revenue --
Expense Reimbursements --
Free Rent Concessions --Credit Loss --
Buyer 1. Shops at Palm Valley LLC / PO Box 5156, Norman, OK 73070 Additional Income --
Effective Gross Revenue --Operating Expenses --
Capital Reserve --Net Operating Income --
Comments Sales price is undisclosed. Est Going-in Cap Rate/EGIM -- / --
12-Month Rolling Metro Cap Rate 5.2% [Q4 2017]Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker Parking Spaces
Buyer's Broker Key Tenants Mama Fu's Asian HousMattress 1 OneGNCCookie CuttersATI Physical Therapy
Other Broker
Interest Purchased
Lot Size 126,847 SF / 2.912 Acres
Parcels Numbers R550361, R550360
Deed Reference 2017091786
Time on Market
Financing Details First Liberty Bank provided a $8,445,000 loan.
Other:
Copyright 2018 Reis, Inc.
Power Center Report
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 501016323
Section 36 - Current Rent Snapshot
2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4
0.5
1.0
1.5
2.0
2.5
3.0
Power Center Community Neighborhood
Austin Non-Anchor Asking Rent Growth
2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4
0.5
1.0
1.5
2.0
2.5
3.0
Austin Southwest United States
Power Center Non-Anchor Asking Rent Growth
Austin Non-Anchor Asking Rent Comparisons Power Center Non-Anchor Asking Rent Comparisons
4Q 2017 4Q 2016 Annual Rent Growth
Power Centers $29.62 $27.69 7.0%
Neighborhood Centers $21.76 $21.17 2.8%
Community Centers $25.79 $24.92 3.5%
4Q 2017 4Q 2016 Annual Rent Growth
Austin $29.62 $27.69 7.0%
Southwest Region $27.73 $26.92 3.0%
United States $27.77 $27.13 2.4%
Section 37 - Current Vacancy Snapshot
2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4
4.0
4.5
5.0
5.5
6.0
6.5
Power Center Community Neighborhood
Austin Vacancy Rate by Center Type
2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4
5.0
5.5
6.0
6.5
Austin Southwest United States
Power Center Vacancy Rate by Region
Austin Vacancy Rate by Center Type Power Center Vacancy Rate Comparisons
4Q 2017 4Q 2016 Annual Vac. Change
Power Centers 6.5% 6.4% 0.1%
Community 4.2% 4.6% - 0.4%
Neighborhood 6.5% 6.1% 0.4%
4Q 2017 4Q 2016 Annual Vac. Change
Austin 6.5% 6.4% 0.1%
Southwest Region 4.8% 4.9% - 0.1%
United States 6.2% 5.9% 0.3%
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 511016323
Section 38 - New Construction
14.4 %
25.6 %
11.6 %
2.2 %
46.2 %
Austin New Construction - 2017 and Later
CommunityMixed UseNeighborhoodOtherPower CenterRegional
Completed SF SF Under Construction Totals Planned Proposed Totals
2017 YTD 2018 2018 2019 and Later 2017 and LaterNeighborhood 34,730 85,459 0 0 120,189 716,743 125,950 842,693
Community 0 0 0 0 0 1,081,844 113,250 1,195,094Power Center 1,352,174 0 0 0 1,352,174 2,465,328 0 2,465,328
Regional 0 0 0 0 0 0 0 0Mixed Use 134,300 0 0 743,415 877,715 936,000 299,500 1,235,500
Other 0 0 154,712 0 154,712 19,106 7,822 26,928Totals 1,521,204 85,459 154,712 743,415 2,504,790 5,219,021 546,522 5,765,543
As of 23-Jan-2018Includes all recently completed, under construction, planned, and proposed properties from the table above. Note that some verified listings for planned and proposed properties do not yet have afirm completion date.
Section 39 - Metro Power Center and Regional Mall Projects
Type Property Name Street Address City County Year Size Status
P LAS ENTRADAS US HWY 290 @ GREGG MANOR RD MANOR Travis 1,000,000 Planned
P Stone Hill Town Center STATE HWY 130 @ STATE HWY 45 PFLUGERVILLE Travis 2017 952,174 Complete
P PECAN CROSSING SEC HWY 71 @ HWY 304 BASTROP Bastrop 700,000 Planned
P THE PARKE 183 TOLL RD CEDAR PARK Williamson 2017 400,000 Complete
P RIVERBEND LANDING HWY 71 @ STATE HWY 130 AUSTIN Travis 320,600 Planned
P Stone Hill Town Center Phase II Texas 130 & State Highway 45 Pflugerville Travis 221,728 Planned
R THE DOMAIN (EXP) 11400 BURNET RD AUSTIN Travis 2016 171,000 Complete
P PGI Mixed Use Retail YARRINGTON RD @ POST RD Kyle Hays 133,000 Planned
P Round Rock Crossing Ph 3 LOUIS HENNA BLVD @ I-35 N AUSTIN Williamson 90,000 Planned
Types: R=Regional/Super Regional Malls P=Power Centers
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 521016323
Section 40 - Cap Rate Trending
Austin Retail Cap RatesMetro Statistics - 12 Month Rolling (All Retail Types)
Mean MedianCap Rate 6.5% 4.9%Sale Price $10,650,169 $5,375,000Price/SF (Area Purchased) $317 $280
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
Community CtrFreestanding
Neighborhood CtrRegl/Super Regl Mall
Power Center
US Retail Average Cap Rates by Center Type
US Average Transaction Data12 Month Rolling
Power Centers Regional MallsCap Rate 7.7% 7.5%Sale Price $31,569,084 $34,986,640Price/SF (Area Purchased) $143 $77
Section 41 - Recent Metro Area Regional Mall Sales
Date Type Property Name CityArea
Purchased ofTotal (SF)
Price Price/SF Seller Buyer
Jul-17 P 1890 Ranch (portion) Cedar Park 6500 / 820821 $3,185,000 $490.001890 Lot 1A-3 Ltd/Endeavor RealEstate Group
Spoonian LLC
Jun-17 P Anna Plaza (portion) Austin 55000 / 382000 $5,375,000 $97.73VS Anna Plaza LLC/ValstonePartners
MF Austin Ridge LLC/MFB RealEstate Services/MFJ R
Jun-16 P Parkline Shopping Center Austin 311600 / 311600 $15,300,000 $49.10 11301 Lakeline LP Grand Parkline LLC
May-16 P SouthPark Meadows Phase I and II Austin 921141 / 1254090 $271,000,000 $294.20Riocan Austin SouthparkMeadow/RioCan Real Estate
Blackstone Group LP/BRE RCSouthpark II TX LP
May-16 P Southpark Meadows Austin 1254090 / 1254090 $271,000,000 $216.09 RioCan/RioCan Austin SouthparkBRE RC Southpark II TX LP &USA/BRE RC Southpark I
Nov-14 P Anna Plaza (portion) Austin 55000 / 382000 $5,163,317 $93.88 C3 Anna Plaza LLCVS Anna Plaza LLC/ValstonePartners
Jun-14 P Parkline Shopping Center (portion) Austin 28000 / 311600 $10,593,750 $378.35 183 Parkline Shopping Center LP 11301 Lakeline LP
Types: R=Regional/Super Regional Malls P=Power Centers
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 531016323
Section 42 - Metro Area Power Center and Regional Malls: Austin
Recently completed, under construction, planned or proposed Existing center
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 541016323
Section 43 - Metro Area Power Center and Regional Malls
Id Name City YearBuilt Size Type Id Name City Year
Built Size Type
1 RIVERBEND LANDING AUSTIN 320,600 P 17 GATEWAY CENTER AUSTIN 1994 240,000 P
2 THE PARKE CEDAR PARK 2017 400,000 P 18 ANNA PLAZA AUSTIN 1997 382,000 P
3 Stone Hill Town Center PFLUGERVILLE 2017 952,174 P 19 HANCOCK CENTER AUSTIN 1964 410,438 R
4 PGI Mixed Use Retail Kyle 133,000 P 20 LAKELINE PLAZA CEDAR PARK 1998 349,116 P
5 Stone Hill Town Center Phase II Pflugerville 221,728 P 21 LAKELINE MALL,LAKELINE PLAZA CEDAR PARK 1998 1,446,922 R
6 Round Rock Crossing Ph 3 AUSTIN 90,000 P 22 BOARDWALK SHOPPING CENTER ROUND ROCK 1995 530,000 P
7 THE DOMAIN (EXP) AUSTIN 2016 171,000 R 23 LA FRONTERA VILLAGE ROUND ROCK 2000 800,162 P
8 LAS ENTRADAS MANOR 1,000,000 P 24 PARKLINE SHOPPING CENTER AUSTIN 1999 311,600 P
9 PECAN CROSSING BASTROP 700,000 P 25 WALDEN PARK SHOPPING CENTER CEDAR PARK 2004 299,106 P
10 BARTON CREEK SQUARE (MALL) Austin 1982 1,428,987 R 26 SOUTHPARK MEADOWS AUSTIN 2005 1,254,090 P
11 THE PARKE CEDAR PARK 2017 400,000 P 27 WOLF RANCH TOWN CENTER GEORGETOWN 2005 614,012 P
12 GATEWAY SQUARE AUSTIN 1993 123,248 P 28 THE DOMAIN AUSTIN 2007 1,211,101 R
13 LAKELINE MALL CEDAR PARK 1995 1,097,806 R 29 SHOPS AT THE GALLERIA BEE CAVE 2007 583,000 P
14 NORTHCROSS MALL AUSTIN 1975 305,000 R 30 1890 RANCH SHOPPING CENTER CEDAR PARK 2007 820,821 P
15 SUNSET VALLEY MARKET FAIR AUSTIN 1993 213,768 P 31 GATEWAY AT LEANDER PH I LEANDER 2008 362,000 P
16 PARMER CROSSING AUSTIN 1992 168,112 P 32 SUNSET VALLEY HOMESTEAD AUSTIN 1990 147,841 P
Type R: Regional/Super Regional malls P: Power Centers
Numbers correspond to listings on map
Section 44 - Economic and Demographic Data
2011 2012 2013 2014 2015 2016
-2.0
0.0
2.0
4.0
6.0
8.0
Austin Southwest United States
Household Annual Income Growth Trend Comparisons
2011 2012 2013 2014 2015 2016
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Austin Southwest United States
Total Annual Employment Growth Comparisons
Source: Economy.com Source: Economy.com
Power Center ReportRetail - 4th Quarter 2017Prepared By Reis, Inc.
Powered By Reis Metro: AustinCustomerID:1016323
Copyright 2018 Reis, Inc. Page 551016323
Section 45 - Economic and Demographic Trends
Year Qtr TotalEmployment
OfficeEmployment
IndustrialEmployment Households Population Household Avg.
Income
2007 Y 781,500 255,944 112,342 617,850 1,606,820 $102,510
2008 Y 791,400 263,131 110,704 636,350 1,659,010 $106,631
2009 Y 770,800 259,805 99,665 650,570 1,704,550 $101,831
2010 Y 795,370 266,697 104,358 663,340 1,753,390 $106,811
2011 Y 820,730 274,201 109,771 686,700 1,808,330 $114,070
2012 Y 860,600 287,373 113,294 709,220 1,858,110 $123,835
2013 Y 898,900 300,251 117,328 733,370 1,911,370 $121,348
2014 Y 936,370 313,415 117,996 755,710 1,970,160 $129,860
2015 Y 978,330 326,922 119,630 776,620 2,026,450 $132,711
2016 2 994,670 332,192 121,062 786,800 2,056,410 $132,048
2016 3 1,004,430 335,618 120,881 792,640 2,070,990 $132,161
2016 4 1,014,170 338,867 121,566 797,990 2,085,470 $131,560
2016 Y 1,014,170 338,867 121,566 797,990 2,085,470 $131,560
2017 1 1,018,830 338,490 122,239 804,030 2,099,940 $133,741
2017 2 1,023,200 340,344 123,692 810,260 2,114,970 $133,755
2017 3 1,025,600 339,259 125,029 816,280 2,129,940 $134,411
2017 4 1,030,870 341,215 125,714 822,510 2,144,760 $135,280
2017 Y 1,030,870 341,215 125,714 822,510 2,144,760 $135,280
2018 Y 1,052,560 348,068 126,957 847,180 2,204,620 $140,644
2019 Y 1,072,510 353,928 128,058 870,500 2,263,100 $145,770
2020 Y 1,087,170 358,342 128,710 893,640 2,321,470 $149,625
2021 Y 1,111,860 366,893 130,070 917,950 2,382,870 $154,598
2022 Y 1,137,270 375,918 131,458 942,650 2,446,130 $159,799
Source: Moody's Economy.com
Click here for a glossary of terms, or go to https://se.reis.com/ReisSEGlossary.pdf
Copyright 2018 Reis, Inc.
About Reis
Reis provides commercial real estate market information and analytical tools to real estate professionals through itsReis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietarydatabase containing detailed information on commercial properties in metropolitan markets and neighborhoodsthroughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution,flex/research & development, self storage, seniors housing properties and affordable housing, and is used by realestate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition,Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associatedwith individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides itsinformation services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.