1st Quarter 2018 Austin Office Market Report
With an unemployment rate of 3.6% vs the national average of 4.4%, Office leasing activity in Austin remains high and economic confidence seems intact with tenants and landlords. We expect Office Lease rates to remain high or even go higher depending on absorption and vacancy rates. Austin's downtown and East side districts will continue to lead the way as being the most expensive areas to lease space.
- Total Vacancy in all Submarkets- 10.5%
- Vacancy in Downtown Austin - 9.8%
- Average Asking Rates All Submarkets - $36.45
- Average Asking Rates Downtown Austin - $50.74
- Average Class A Rental Rates Downtown Austin - $54.11
If you need help renting Austin office space give us a call or fill out our form. We know what is available at all times and can help you find the best locations and negotiate the best deal.
Average Asking Rental Rates for Available Office Space
|Average Austin Office Lease Rates||All Classes||Class A||Class B||Class C|
|Austin Market Area||$36.45 SF||$38.00||$28.50||$23.50|
|Suburban Markets||$32.00 SF||$38.00||$30.00||$25.00|
|Downtown Austin||$50.74 SF||$54.11||$40.00||$35.00|
|Central Austin||$30.00 SF||$42.00||$28.00||$24.00|
|North Austin||$28.00 SF||$42.00||$35.00||$28.00|
|Northeast Austin||$23.00 SF||$26.00||$24.00||$21.00|
|Northwest Austin||$33.00 SF||$37.00||$29.00||$24.00|
|South Austin||$25.00 SF||$39.00||$31.00||$21.00|
|Southeast Austin||$24.20 SF||$25.00||$24.00||$21.00|
|Southwest Austin||$35.00 SF||$42.00||$34.00||$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 business space then you could possibly find options 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