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As the Downtown Austin office space for lease market continues to change, it is important to stay up to date on the current market trends.
The Downtown Austin office space market is very unique among downtowns of major metropolitan areas in that until recently, very few high-rise buildings were allowed to be constructed. It was not until the past decade that most of the Downtown Austin high-rise office buildings came to be.
Downtown Austin is well known for being very unique yet refined, and to flow seamlessly into the grandeur of the hill country that surrounds it. As a resident of Austin, one will quickly become aware of the fun times to be had on 6th Street, the beautiful Lady Bird Lake hike and bike trail (formerly Town Lake), and how unpleasant it can be at times to find parking. However, being in Downtown Austin offers such a welcoming feeling with unobscured views of the Texas State Capitol while being nestled in a cradle of brand new office space towers.
The Downtown Austin office space market consists of 55 multi-tenant office buildings, totaling more than 8 million square feet. The current office space vacancy is approximately 8%, however the extremely high tenant demand will likely change that soon. The average lease rate for Downtown Austin office space is currently $34.93/sf gross, with Class A buildings typically asking in the $40s-60s/sf gross. There are several new high-rise office and mixed-use buildings approaching completion, such a 311 Bowie and Colorado Tower, with many more in the development stages.
Traditionally, law firms, financial industry organizations, and government related entities accounted for the vast majority of square feet occupied in the Downtown Austin office space market. However, tech industry giants and local start-ups alike have taken a liking to the downtown atmosphere as well. This has proven to be a major catalyst for this development boom which is expected to last for several years to come.
For more information on current office space availabilities or the Tenant Representation Services that can help you navigate the Downtown Austin office market, simply contact us by phone or email. If you are trying to find Downtown Austin office space for lease, please fill out the “Free Commercial Space Survey” to get a customized list of the Downtown Austin office space that best fit your needs.