1st Quarter 2016 Austin Office Market Report
As available office space shrinks, Austin Office Space Lease rates continue to rise because of Austin’s job growth and growing economy. More companies are expanding and/or relocating offices to Austin, Tx, which means landlords are getting more confident, giving out fewer concessions.
Average Asking Rental Rates for Available Office Space in Austin, Tx
|Average Austin Office Lease Rates||All Classes||Class A||Class B||Class C|
|Austin Market Area||$32.00 SF||$36.60||$26.00||$23.00|
|Suburban Markets||$29.00 SF||$32.50||$26.00||$23.00|
|Downtown Austin||$45.50 SF||$47.00||$36.50||$27.00|
|Central Austin||$30.00 SF||$38.00||$26.00||$24.00|
|North Austin||$23.60 SF||$30.90||$23.50||$22.00|
|Northeast Austin||$19.50 SF||$21.00||$19.00||$23.00|
|Northwest Austin||$31.45 SF||$33.50||$27.00||$23.00|
|South Austin||$31.75 SF||$39.00||$31.00||$21.00|
|Southeast Austin||$24.20 SF||$25.00||$24.00||$21.00|
|Southwest Austin||$33.90 SF||$36.00||$29.00||$24.00|
Subleases – The overall amount of sublease space continues to decrease however there is still a little over 315,000 sf available. If you are a company that is seeking flexibility, shorter lease terms and low cost office space then you could possibly find office space 20-50% below market lease rates, however the discount depends on how marketable the space is and how much time is left on the lease.
If you would like to know more about the current Austin office market conditions please don’t hesitate to contact us