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Office Market Survey

Download the 2016 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 2016 survey found that the overall occupancy rate was 85.4%, while the 2015 survey placed the rate at 84.9%. The 
average lease rate for the fifty seven buildings surveyed is $15.12 per rentable square foot, which is a slight decrease from last years' $15.24.
 
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 2,244,123 rentable square feet, of which 327,288 square feet is currently reported 
as being vacant. 
 
The Downtown market occupancy rate fell from 80.7% to 78.3%, with an increase in vacant space of 18,775 square feet. The total
rentable square feet increased from 759,952 in 2015 to 760,945 in 2016.
 
The South Tyler market occupancy rate increased from 87.1% in 2015 to a current level of 89.1%. The amount of vacant space in 
South Tyler decreased by over 28,000 square feet. The total rentable square feet increased from 1,473,781 in 2015 to 1,483,178in 2016.
 
Class A buildings experienced an increase in occupancy from 86.5% to 87.1%, Class B structures increased in occupancy from
83.1% to 84.3%, while Class C building occupancy rates decreased from 88.8% to 84% in 2016.

Taylor Burns
Burns Commercial Properties