Austin’s office market is experiencing a mix of rising vacancies and discounted sale prices, even as the market maintains its position as a leader in office development, according to Commercial Edge's latest U.S. office market report.
The increase in vacancies is the highest in the nation, according to CE’s November numbers, marking a 710-basis point year-over-year rise.
Highlights (lowlights?) of the report include:
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Austin posted the highest vacancy in the nation at 27.7 percent, equal to San Francisco’s rate
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Sale prices declined to $287 per square foot, now ranking sixth nationally,
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Austin leads the South in development with 3.5 million square feet under construction, representing 3.7 percent of existing stock, with a projected 12.1 percent growth in total office space
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Austin recorded the second-highest asking rents in the region at $46.75 per square foot, trailing only Miami
