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Jul 23

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Quarter 2, 2015 Austin Office Market Report

downtown skylineQuarter 2 2015 Austin Office Market Report was recently released by Colliers International.  The citywide average office rental rate increased by 3.7% to $29.20/SF over the previous quarter according to a quarterly update provide by Colliers International.  The average Class A rental rate decreased from $42.64/SF to $41.58/SF.  Suburban office rates increased slightly to $32.87/SF.

Citywide vacancy increased from 10.2% to 10.4% from Q1 to Q2 continuing its gradual increase since Q3 of 2014. Suburban vacancy increased from 10.7 % to 11% due primarily to a large increase in Class A suburban office vacancy.  Average CBD Class A vacancy increased from 10.5 to 10.8%.  Citywide Class A vacancy increased from 10.7 to 11.4%.

Austin has surpassed Silicon Valley as the No 1 City in the U.S. for startups according to the latest Kauffman Index report claiming 180 startups.

Job growth continues steadily as the technology sector has expanded 17.8% since 2011 according to Forbes – primarily due to the relocation of California based companies.

Click here for the => Colliers International Q2 Office Market Report

 

Permanent link to this article: http://atxre.com/quarter-2-2015-austin-office-market/

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