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Five Fast Facts: Austin Office Real Estate Q2 2023

Jeff Graves • 7/28/2023
  1. AUSTIN REMAINS A TOP GROWTH MARKET
    More than 51,000 jobs were added over the past 12 months.
  2. AVERAGE ASKING RATES CLIMB
    As more high-end space comes to market, Class A space rose 70 basis points (bps) to $50.34 and Class A rates in the CBD continue to pace the market at $64.22 psf. 
  3. SUBLEASES SURGING
    At close of the second quarter, approximately 5.9 million square feet (msf) of sublease space was available citywide, of which 1.7 msf lies within the Central Business District (CBD).
  4. VACANCY RATES INCREASING
    The onslaught of sublease space pushed citywide vacancy up 190 bps from the previous quarter with vacancy coming in at 25.0%. 
  5. CONSTRUCTION CONTINUES
    There is currently 6.2 million square feet msf of office space under construction citywide. Approximately 2.6 msf of this space lies within the CBD, with 23% pre-leased. 

Read our Five Fast Facts about the Austin, Texas commercial real estate office market in Q2 2023:

2Q23-5FastFacts_Office_Austin

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