Austin Skyline #3

August 2, 2017 Comments Off on Central Texas Office Rents Reach Record Highs Views: 734 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.”

Read More at Austin American-Statesman

Connect with Cushman & Wakefield’s Walker

Download the Report


Subscribe to Connect Daily Texas

For comments, questions or concerns, please contact Amy Sorter


Submit Your Nominations

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.