Austin Office Space Tight, Pre-Leasing Robust

austin office space getting tightThe Austin office space market continues to tighten as vacancy rates are now at 9.7%.  The same time last year vacancy rates were 12.3%.  Citywide the average asking rental rates in Austin are $26.32 sf which is an increase of over 6% from this time last year.

Because of the lack of office space several new office buildings have broken ground or have been announced.

  • Capital Ridge is currently under construction and is located close to the intersection of Bee Caves Rd (2244) and Capital of Texas Hwy (Loop 360).  It is going to be a 7 story building with 217,490 rsf
  • Encino Trace located at 5707 Southwest Parkway – The first two buildings are under construction totaling 159,000 rsf.
  • Champion Office Park located at 6500 N Capital of Texas Highway will be over 220,000 rsf

There has been a lot of preleasing activity with Drop Box, Whole Foods, etc all taking over 20,000 sf in/around Austin.

Check out all the office lease and rentals in Austin https://www.austintenantadvisors.com/blog/find-office-space-austin-tx/

If you need help finding space feel free to give us a call.

 

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