So far in 2013 the Northwest Austin office space market has seen more office space get leased than any other area in Austin, Tx. The lack of new office inventory and the high absorption rate (rate at which space is leased) has caused office lease rates to be the highest we have seen in 12 years. Vacancy rates also have not been this low in a long long time. The vacacy rate in NW Austin is 11% which is the lowest next to the HOT SW office space market at 8.1%.
New office space demand in NW Austin has spurred the development of new office projects.