Quarter 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
