The Austin office space market in Austin tightened up in Q2—meaning, there is less space to lease for business owners.
The southwest market experienced the greatest year-over-year tightening, with vacancy falling to 13.85% in the last quarter from 20.84% last year. At the same time, however, the vacancy rate in the Central Business District increased to 17.39% from 16.13% in the second quarter last year. The Class A vacancy rate also fell year over year across all areas to 18.3% from 19.9%.
The average asking rental price in Q2 2011 was $24.76.
For a full overview of lease rates on Austin office space, watch the video below.