April 24, 2019
When it came to Q1 2019 office reports, CBRE likened Austin to that of a bottle of fine wine, noting that “the Austin office market continues to grow more enticing with age.” Four reports indicated similar findings, namely an increase in rent growth and a decrease in vacancy, due to Austin’s continued positive employment. NAI Partners noted that the 2.3% job growth, year over year, has made Austin the 11th fastest-growing major metro in the U.S., while continuing to boost asking rents.
The JLL numbers trended higher than those reported from other sources, possibly due to the fact that the numbers included more suburban figures. Meanwhile, the JLL report is forecasting the Austin office market to grow both in terms of inventory and leasing activity, with the metro remaining strong through late 2020 and into early 2021.
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