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Office Market Survey

Download the 2017 Office Market Survery Here

The Office Market Survey is an annual publication produced by Burns Commercial Properties in September. The Survey assesses the total Class A, B and C office space availability and occupancy in Tyler, TX.

Companies interested in acquiring office space will find the survey an excellent tool for comparative research of lease rates and options. The survey can be downloaded by clicking the link or picture to the left or can be viewed at the Burns Commercial Properties.

 

 

OVERVIEW

The annual Burns Commercial Properties Office Market Survey indicate that the gradual decrease in the office occupancy rate in the City has continued over the past twelve months.
 
The 2017 survey found that the overall occupancy rate was 79.8%, while the 2015 survey placed the rate at 85.4%. The 
average lease rate for the fifty seven buildings surveyed is $14.42 per rentable square foot, a decrease from last years' $15.12.
 
The average lease rate is calculated on a “gross lease” basis, which is a lease in which the Landlord pays all expenses, including 
utilities, taxes, insurance, and maintenance. Some of the properties in the survey are leased on a triple net basis, in which the tenant 
pays its portion of the expenses, but for purposes of calculating an average rent, these numbers are adjusted to reach a rental rate 
which is equivalent to a gross lease rate. 
 
The fifty seven buildings surveyed contain a total of 2,301,914 rentable square feet, of which 449,496 square feet is currently reported 
as being vacant. 
 
The Downtown market occupancy rate fell from 78.3% to 77.7%, with an increase in vacant space of 13,147 square feet. The total
rentable square feet increased from 760,945 in 2016 to 801, 984 in 2017.
 
The South Tyler market occupancy rate decreased from 89.1% in 2016 to a current level of 81.9%. The amount of vacant space in 
South Tyler decreased by over 100,000 square feet. The total rentable square feet increased from 1,483,178 in 2016 to 1,499,930 in 2017.
 
Class A buildings experienced an decrease in occupancy from 87.1% to 83.3%, Class B structures decreased in occupancy from
84.3% to 79.9%, and Class C building occupancy rates decreased from 84% to 76.7% in 2017.

Taylor Burns
Burns Commercial Properties