If you need or will need downtown office space in Austin, Tx within the next few months you better start looking sooner than later. With a vacancy rate of less than 15% finding available space is getting harder and harder. Also as available space continues to shrink lease rates are increasing. Class A office space in downtown Austin is averaging at a minimum $40 sf which is about a 5% to 7% jump over 2013
Never before has there been a more diverse tenant base in the downtown Austin area which now consists of a healthy mix of government, software, tech, and other types of industries. There has also been a lot of migration from others states to Austin as companies want to jump on the bandwagon of Austin’s growth, low cost of doing business, talent pool, and quality of life.