Availability continues to tighten, particularly in the CBD
Overall availability in Austin declined by 40 basis points over the quarter and by 170 basis points year over year, to 11.0% in the second quarter of 2019. In comparison, the average Class A availability rate declined by 90 basis points over the quarter and 190 basis points year-over-year, to 10.4%. Options are slimmer in the CBD submarket, with CBD and suburban market availability rates currently at 9.4% and 11.4%, respectively. Class A space is particularly tight in the CBD, with current availability of just 9.1% - a 260-basis-point decrease over the year.