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As the demand for office space continues to outpace supply more and more investors are getting bullish about the Austin office space market. So far in 2013 the purchase of office buildings in Austin is more than twice what it was in 2012.
Average office lease rates in Austin are close to record highs and the overall Austin occupancy rate of 87% means we are getting close to running out of available space. This is when potential investor activity tends to pick up!
Increased job growth and the influx of people into the Austin area are key factors in the absorptions of office space. Because of this investors (especially foreign investors) grow more and more confident that Austin office lease rates will continue to increase over the next 3-5 years. Austin has historically been seen as a mid-tier market for office space sales however with the strong economy we are now being considered a main market.
