As the Northeast Austin office space for lease market continues to change, it is important to stay up to date on the current market trends.
The Northeast Austin office space market has been undergoing some major changes in recent years. On the grounds of the old airport, the Mueller Development is one of the most anticipated major redevelopments in Austin, TX. This is viewed as one of the top up-and-coming areas of Austin, with residential, retail, and office space all being constructed. There are approved plans for over 3.5 million square feet of new office space at the Mueller Development. The majority of existing office buildings in the Northeast Austin office space market are somewhat older though, and therefore this market is viewed as more economical to lease than other Austin office space options. The Northeast Austin office space market currently consists of 26 multi-tenant office buildings with a total of over 1,855,269 square feet of office space.
The average vacancy rate for Northeast Austin office space is 12.5%, which is slightly higher than most other Austin office space submarkets. The average lease rate in NE Austin is $18.26/sf. Due to the older age of the buildings in this submarket, there are currently no Class A buildings present. However, this will change in the future as what is classified as the borders of Downtown Austin continue to expand and the developments in progress are completed.
The Northeast Austin office space market has the southern border of Martin Luther King Boulevard and FM 969, and follows Interstate 35 north to Round Rock. It includes the major thoroughfares of Highway 183, Airport Boulevard, and the toll roads SH 45 and SH 130. Most of the Northeast Austin office space market is in Travis County, however part of it extends into Williamson County as well. As described earlier, the Northeast Austin office space market is undergoing gentrification. Most of this can be seen in the southern portion closer to downtown, but the area out towards the toll roads is rapidly growing as well.
For more information on current office space availabilities or the Tenant Representation Services that can help you navigate the Northeast Austin office market, simply contact us by phone or email. If you are trying to find Northeast Austin office space for lease, please fill out the “Free Commercial Space Survey” to get a customized list of the Northeast Austin office space that best fit your needs.