In 2023, Austin’s retail market saw a strong occupancy rate of 96.8%, the highest among major markets in Texas and based on Weitzman’s analysis. This was due to limited new construction in the market over several years, with only user-driven projects such as H-E-B grocery stores and Costco power anchors being added.
In total, approximately 789,000 square feet of new space was delivered in projects with at least 25,000 square feet during calendar-year 2023. This marks the highest level since an addition of 1.1 million square feet in 2016.
The retail sector in Austin continues to thrive and maintain its position as a leader within the state.
