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Nationwide the demand for office space is growing at half the rate of job growth which is why office rental rates have remained somewhat stable. Jobs are growing at about a 2% rate while the demand for office space is about 1%.
The expectation is that we are halfway there to office space vacancy recovery, however job growth will continue to outnumber the square footage of office space being absorbed. WHY IS THIS?
- The last recession has taugh more businesses to operate more efficiently and flexible to be able to adjust to market condition changes.
- Companies are reducing the amount of square feet they lease per employee
Overall vacacancy rates are falling nationwide however at a slower rate compared to Austin, Dallas or Houston. The Austin Tx office space market is strong with a lot of activity as companies are growing, moving here, and as the population grows.
