The 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.