Austin office market taps all-time high 3Q 2015

​​​​AUSTIN-ROUND ROCK – Rental rates in the city’s office market have hit another all-time high, according to Cushman & Wakefield/Oxford Commercial’s third quarter 2015 report.

The overall current office rental rate shot up to $33.02 per sf — which translates to a 13.2 percent increase over this time last year, when the rate was $29.17.

Class A space in the CBD witnessed the highest rental rates, which grew to $48.07 per sf, up 11.5 percent from the same time last year.

That’s coupled with tight vacancy rate of 9 percent amid 3.1 million sf of new office space either currently under construction or recently delivered

Year-to-date absorption for the third quarter totaled 1.8 million sf, meaning the office market has already absorbed more space in 2015 than it did in all of 2014, when 1.7 million sf was absorbed.​