23Research pieces indexed
Latest Jul 21, 2026
Global Real Estate Intelligence is a neutral index of publicly available research. All rights in Partners Real Estate’s work remain with Partners Real Estate; we link to the original.
An Industrial Outdoor Storage sector expert explains how evaluating IOS properties requires understanding tenant business operations first, given the asset class's complexity, lack of standardized data, and varied municipal regulations.
Report examines exurban retail investment opportunity across nine cities beyond Atlanta's suburban ring, driven by outward migration, affordability, school quality, and job creation since 2010.
The article argues that office space decisions should be driven by talent strategy and broader business performance considerations rather than cost alone, and that most companies negotiate leases poorly by focusing on rental rates while overlooking lease terms, timing, and leverage opportunities. Key claims include that companies are seeking smaller footprints in higher-quality Class A buildings, that starting lease negotiations 12–18 months early creates competitive leverage and employee input opportunities, and that seemingly cheaper spaces often cost more when construction and tenant improvement allowances are factored in.
Dallas-Fort Worth industrial market posted increased leasing activity and positive net absorption in Q1 2026, with vacancy declining 30 basis points to 8.9% amid 6.0 million sq. ft. in deliveries.
Central Texas industrial market shifting toward specialized manufacturing and aerospace demand, with I-35/SH-130 corridor driving 6,000+ acres of development and 50 million square feet in transactions since 2021.
San Antonio's office market saw slowing absorption and leasing activity in Q1 2026, though vacancy rates declined to 16.2% while average rents reached $28.50/sq ft.
Dallas-Fort Worth retail market saw negative net absorption in Q1 2026, pushing vacancy up 20 basis points to 5.4%, while construction pipeline rose to 7.0 million sq. ft. with strong pre-leasing activity.
Analysis of Atlanta office leasing trends across three periods (2017–2025) shows tenant composition shifting toward professional services, TAMI, financial services, and industrial-related sectors across five major submarkets.
Atlanta's retail market faced persistent supply constraints in Q1 2026, with vacancy at 4.6% despite minimal new deliveries and continued negative absorption, though rents reached record highs on strong demographic fundamentals.
Atlanta's office market recorded 2.6 million sq. ft. of leasing activity in Q1 2026, up 3.3% year-over-year, with vacancy declining 50 basis points to 26.5% as employers mandate in-office attendance and companies renew leases early ahead of anticipated rent growth.
Austin's retail market experienced slowed activity in Q1 2026, with net absorption declining 92.3% to 26,230 square feet while vacancy rose 20 basis points to 3.6%, and leasing activity decreased 9.2% to 502,376 square feet. The construction pipeline grew 5.2% quarterly to 2.8 million square feet with deliveries down 60.7%, average asking rental rates marginally declined 0.3% to $26.40 per square foot, and investment sales volume totaled $144 million over the past 12 months at an average price of $288 per square foot.
The Dallas-Fort Worth office market in Q1 2026 experienced a 43.6% quarterly increase in leasing activity to 4.3 million square feet, but net absorption turned negative at -210,199 square feet while vacancy rose 10 basis points to 25.4%. Average rental rates increased 3.0% quarterly and 6.0% annually to $33.31 per square foot, with Class A properties reaching a record high of $37.47 per square foot.
Austin's industrial market vacancy rate increased to 15.7% in Q1 2026 from 14.8% in the prior quarter, exceeding the historic high of 15.3% from Q3 2003, driven by 1.9 million square feet of deliveries with 82% vacant and net absorption declining 75.2% quarterly to 122,998 square feet. Average asking rental rates rose slightly to $14.43 per square foot, the construction pipeline increased 5.2% to 13.2 million square feet, and leasing activity increased 8.2% quarter-over-quarter despite year-over-year declines of 16.5%.
Atlanta's industrial market recorded 9.5 million square feet of leasing activity in Q1 2026, a 3.2% year-over-year increase, with I-85 North leading all submarkets at 3.3 million square feet and net absorption reaching 4.1 million square feet—the strongest occupancy growth since Q2 2024. Average asking rents declined 6.8% year-over-year to $8.81 per square foot, while the overall vacancy rate edged up 20 basis points to 8.7%, and the under-construction pipeline remained historically constrained at 17.0 million square feet.
Houston's office market in Q1 2026 recorded negative net absorption of 158,417 square feet, a vacancy rate increase to 26.5%, and construction deliveries of 464,450 square feet, though leasing activity rose 29.8% to 2.7 million square feet with average rental rates increasing 0.7% quarterly to $30.84 per square foot. Class A properties drove positive absorption of 95,067 square feet while Class B properties declined, and the under-construction pipeline decreased 39.6% to 622,040 square feet, with investment sales volume totaling $788 million over the prior 12 months across 166 properties.
The Houston retail market in Q1 2026 maintained a vacancy rate of 5.5% with net absorption of 660,125 square feet and 497,340 square feet of new construction deliveries, while the construction pipeline increased 26.6% to 4.2 million square feet. Average asking rents rose 1.9% quarterly to $21.28 per square foot, leasing activity increased 1.0%, and Houston's unemployment rate was 4.2% in December 2025 with job growth of 0.4 percent adding 14,800 jobs during 2025.
San Antonio's retail market maintained a 4.2% vacancy rate in Q1 2026, with positive net absorption of 337,549 square feet (down 14.8% quarterly but up 15.5% annually) and average rental rates of $19.45 per square foot NNN (up 0.4% quarterly but down 3.5% year-over-year). Leasing activity totaled 556,633 square feet, deliveries reached 390,389 square feet, and investment sales volume declined sharply to $244 million over the trailing twelve months with an average cap rate of 7.2%.
Houston's industrial market in Q1 2026 remained stable with net absorption of 3.7 million square feet, quarterly leasing velocity of 9.3 million square feet, and a vacancy rate that increased to 7.5% due to 4.7 million square feet in new deliveries, while average asking rents decreased 2.2% quarterly to $0.87 per square foot (NNN) but rose 10.1% annually. The construction pipeline expanded to 27.9 million square feet with only 25% pre-leased, and investment sales totaled 11.0 million square feet across 372 properties for $87.5 million at an average capitalization rate of 7.0%.
The Dallas-Fort Worth retail market experienced a substantial drop in net absorption in Q1 2026, with the vacancy rate increasing 20 basis points to 5.4%, while the under-construction pipeline rose 4.1% quarterly to 7.0 million square feet with 75% pre-leased. Average asking rental rates increased 0.9% quarter-over-quarter and 7.3% year-over-year to $21.23 per square foot, with premium rents in North Central Dallas, Central Dallas, and East submarkets, while construction activity concentrated in northern and southwestern Dallas submarkets aligned with housing growth.
Austin's office market recorded 1.1 million square feet of positive net absorption in Q1 2026, driven primarily by SB Energy's purchase of the 1.2 million square foot former 3M Class A campus on River Place Blvd., with the overall vacancy rate declining 130 basis points to 23.3% and full-service average rent at $45.02 per square foot. The construction pipeline contracted 30.7% over the quarter with no deliveries added, while quarterly leasing velocity decreased 2.4% from the prior quarter to 1.4 million square feet, and investment sales volume totaled $230 million over the preceding 12 months at an average capitalization rate of 6.5%.
Atlanta Metro recorded 2.6 million square feet of leasing activity in Q1 2026, up 3.3% year-over-year, with the overall vacancy rate declining 50 basis points to 26.5% as demand strengthened amid employer shifts toward in-office work requirements and early lease commitments. Asking rents increased 4.6% year-over-year to $33.09 per square foot, the second consecutive quarter of at least 4% annual growth, while Central Perimeter led leasing volume with a 70.6% increase and net absorption reached 487,222 square feet, the largest quarterly total since Q3 2022.
San Antonio's industrial market posted 425,088 square feet of positive net absorption in Q1 2026, down 38.0% from the prior quarter, with the overall vacancy rate rising 10 basis points to 11.3% due to decreased leasing activity and increased construction deliveries. The warehouse/distribution sector led absorption at 483,826 square feet, leasing velocity declined 19.5% to 947,458 square feet, and average asking rental rates increased 3.4% to a record $9.43 per square foot on a monthly NNN basis.
San Antonio's office market recorded positive net absorption of 583,611 square feet in Q4 2025, with leasing activity up 34.4% quarterly and vacancy declining 90 basis points to 16.9%, while average full-service asking rents reached $27.94 per square foot, up 14.6% annually. The construction pipeline shrank 49% to 116,000 square feet under construction, deliveries increased 132% to 111,400 square feet, and cumulative 12-month investment sales volume totaled $71.2 million across 43 office property transactions.
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