3rd Quarter Austin Office Market Update
recently published their 3rd Quarter Office Market report which contains continued good news for the Austin Texas office market.
- The current vacancy rate stands at 12.4% which is the lowest vacancy rate in twelve (12) years.
- Absorption was primarily in the far Northwest submarket (Paypal, Marsh, Innovative Aftermarket Systems each took +30 KSF). Other submarkets grew marginally or negatively. The Central Business District had negative absorption for first time since Quarter 1, 2012.
- Asking rates continue to climb with full service gross lease city wide average currently at $28.37/SF/Year.
- 1.4 million square feet are under construction, the most since 3rd Quarter 2008. 118,000 SF of office space is scheduled for delivery by year end.
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