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According to the president of Capitol Market Research, Charles Heimsath, the buildings that are being constructed in downtown Austin will not actually add more available office space because of the city’s preleasing terms. Downtown leases were acquired by technology firms, financial services and law offices.
The data from CBRE shows that Austin’s office space market is stronger compared to other major U.S. markets like Manhattan and Washington DC.
The 3.8% increase in the office-occupancy rate of Austin encouraged more investment capital that results to further business growth. Austin deploys about $1 billion venture capital and receives $600 million in return.
