Austin CBRE 4Q 2016 office highlights
AUSTIN – CBRE has released its Q4 2016 Austin Office MarketView. Skim what’s below or click here for CBRE’s entire report.
Here’s a summary of key 4Q highlights.
- Occupancy ends the year at 90.8 percent:
Solid demand throughout 2016 drove the market to see its 24th consecutive quarter of positive net absorption, driving year end absorption to surpass 1.7 million sf.
- Construction activity remains robust leading into 2017:
The demand for office space has spurred developers to break ground on more than 2.6 million sf of new product, with the Central Business District and the Northwest submarket having the most activity.
- Average asking rents hit a new high:
The average asking rent hit $34.83 per sf in 4Q 2016, marking a new high for the Austin office market.
- Large space users continue expanding their operations in Austin:
Significant leasing transactions in the final quarter of the year included renewals by eBay and MedSpring, and an expansion by Indeed.com.
You might also like
TG Magazine
Check out the latest issue of our flagship publication.