As the Southeast Austin office space for lease market continues to change, it is important to stay up to date on the current market trends.
The Southeast Austin office space market has historically been one of the underperforming but more economical Austin office space submarkets in the region. In recent years some major changes have been taking place though. With the relocation of the Austin Airport to the SE side of the city and recent development of the Circuit of The Americas, a major economic boom has been taking place in the Southeast Austin office space market.
With a large portion of the Southeast Austin office space market across the highway from Downtown Austin, the perception of what constitutes East Austin vs. Downtown Austin is quickly changing. Throughout East Austin, gentrification is rapidly shifting the demographics and appearance of this part of town. The majority of existing office buildings in the Southeast Austin office space market are somewhat older, and therefore the office lease rental rates are lower than other Austin office space options. The Southeast Austin office space market currently consists of over 15 multi-tenant office buildings with nearly 1 million square feet of office space though. As new development continue to break ground, many more office space options will become available in SE Austin.
The average vacancy rate for Southeast Austin office space for lease is 12.7%, which is slightly higher than the citywide average. The average lease rate is $21.29/sf. These rental rate averages range from approximately $17.91/sf for Class C office space to over $$21.63/sf for Class A Southeast Austin office space. These rental averages are expected to continue to rise as new office space being developed comes onto the market.
The Southeast Austin office space market has the border of Martin Luther King Boulevard and FM 969 to the north, and follows Interstate 35 south to Hays County. It includes the major thoroughfares of Highways 183, 71, and 290 along with the Toll Road SH 130. As described earlier, the Southeast Austin office space market is undergoing gentrification. This can be seen throughout the submarket with the portion closest to downtown being most highly publicized, but rapid growth and change is taking place throughout SE Austin.
For more information on current office space availabilities or the Tenant Representation Services that can help you navigate the Southeast Austin office market, simply contact us by phone or email. If you are trying to find Southeast Austin office space for lease, please fill out the “Free Commercial Space Survey” to get a customized list of the Southeast Austin office space that best fit your needs.