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August 2, 2017 Comments Off on Central Texas Office Rents Reach Record Highs Views: 883 Austin, Texas News

Central Texas Office Rents Reach Record Highs

Though the Austin-area economy slowed somewhat in Q2 2017, gross rents for Class A office space throughout Central Texas hit $39.19 per square foot per year as of June 2017. The metric represented a 7.8% increase from the prior June, according to a report from Cushman & Wakefield Austin. Rents for Class A space in downtown Austin also hit a record high, at an average of $54.11 per square foot, the report noted.

Meanwhile, the occupancy rate for Class A space averaged 89.3%, down from the 90.4% in June 2016. “Even with a slight uptick in vacancy across the city, national corporations continue to expand their presence in Austin due to its reputation for a high-quality of life, educated talent pool and cost of living,” said Brian Walker with Cushman & Wakefield. “Because of this influx, the office market remains strong, specifically in leasing newly delivered high-end office product.”

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