Q1 2012 reports are out and the Austin Office Space trend continues. This marks the eight consecutive quarter in which Austin Office vacancy rates have dropped, now reaching 10.8%. This is the lowest that vacancy rates have been since 2006. The Austin Office Market continues to strengthen as large blocks of space continue to get leased and as more companies are on the move. Our advice to you is that if you are nearing lease expiration, begin researching and finding suitable options for your new Austin Office Lease while time is on your side. As vacancy rates continue to decrease, landlords will have the upper hand in lease negotiations so you can save time and money by acting now instead of waiting for vacancy rates to decline and rental rates to increase.
Vacancy rates at the end of Q1 2012 continued to decline to10.8 %, down from 11.6% in Q4 2011 and 13.4% in Q1 2011. Average Office Renal Rates (all classes) at the end of Q1 2012 were $24.76 psf, slightly down from $24.77 the previous quarter.
Other Average Office Lease Rates in Austin, TX
Class A- $29.40 Class B- $21.63 Class C- $17.88 Downtown- $33.60 Suburban Areas- $23.38 Downtown Class A- $37.30 Suburban Class A- $27.31
If you are interested in learning about other Austin office information give us a call at 512-861-0525