Who's shopping for Austin office space?Who's shopping for Austin office space?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=109982015-10-29T05:00:00Z2015-10-29T20:00:00Z

​​​​​​​AUSTIN – The largest percentage of companies searching for office space in the Capital City are not in the technology sector — surprising for a city known for its tech industry.

About 30 percent of those shopping for office space downtown are in the professional services industry (e.g., accounting, research and consulting) according to the latest third quarter report by JLL.

Around 28 percent are tech firms. Of the 47 tech firms surveyed, roughly half are seeking office space of 15,000 sf or less. 

Other data insights in the report include:

  • Of the 180 companies surveyed, 56 percent are seeking between 10,000 and 20,000 sf, and 76 percent need between 5,000 and 30,000 sf.
  • About 13 percent are seeking over 50,000 sf, and there are only 17 options across the city that can accommodate the larger parameters. 
  • Properties across the city recorded 1.5 million sf of positive absorption in the past year, or 3.2 percent of the total inventory. That is the same percentage of absorption recorded in Silicon Valley in the same time frame. 
  • Seven office projects totaling 695,000 sf delivered across the city in the third quarter alone. Only 640,000 sf of office space is scheduled to be completed in all of 2016, though one million sf is scheduled to deliver in early 2017. 
  • About 800,000 sf is under construction in Northwest Austin, but only 17 percent is preleased.
  • Only seven blocks of contiguous space larger than 25,000 sf are available in the northwest submarket, the largest being 65,000 sf at Riata Corporate Park.
  • Four office buildings were delivered in the third quarter in the southwest submarket totaling about 430,000 sf.
Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2015/10/austin-office-space-whos-looking-and-where-its-not.html?iana=ind_creRead more at {Source}

 Search NewsTalk Texas