Austin office market taps all-time high 3Q 2015Austin office market taps all-time high 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=109142015-10-23T05:00:00Z2015-10-23T20:00:00Z

​​​​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.​

“Austin is one of the few places across the country where people want to live and employers want to locate,” Ted Doucet, senior vice president with CWOC, told GlobeSt.com. “That’s the real story behind these numbers.”
Austin-Round Rock

​C​lick for Cushman Wakefield | Oxford Commercial's Austin Office​ Snapshot 3Q 2015 (PDF)

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