Office Occupancy and Rental Rates Up In Austin – Q2 2012

Here is the down and dirty for an article recently put out by the Statesman for the Austin Office market for Q2 2012:

Austin experienced another quarter of rising occupancy and rental rates due to the strengthening market here that is largely backed by job growth and investor enthusiasm in the area. Class A downtown office space has now reached occupancy levels of 85.4%, up from 80.2% percent this time last year and the average overall Austin office lease rates are now $29.37 per square foot per year, up from $28.24 this time last year.

Evidence of a Surging Market:

• YTD leasing activity is 875,000 sf, compared to 1,000,000 sf in the entire 2011 year
• 19 office buildings have been sold in the last 12 months
• The growing demand for downtown Austin office space has led to the proposition of 2 new downtown office towers
• There are plans for Austin suburban office sites that together total over 10 million square feet of new office space product

Head over to The Austin American-Statesman for a full report on increased occupancy rates and lease rates, decrease in available space, etc..

Austin office market stays strong; occupancies, rents up in second quarter | The Austin American-Statesman