AUSTIN – Local office sales are showing signs of bouncing back, according to CommercialEdge research.
So far this year, 42 office properties traded hands, already nearly 80 percent of the number of deals completed last year.
In 2021, nearly $1 billion in transactions were completed in Austin, compared to $2 billion in 2019.
The average asking office rents were up to $43.54 per sf in July 2021. Full-service equivalent listing rates were up 4.52 percent year over year as the city benefited from renewed interest, primarily from the tech industry.
Average office vacancy has been trickling downward, sitting at 15.78 percent in July.
So far this year, more than 1.2 million sf of office space has started in Austin with a total of 7.5 million sf to be added over the next two years.
The Texas Real Estate Research Center has more office news for Austin-Round Rock: