AUSTIN – Despite slightly slower economic growth in the Capital City area, office rents hit record highs in the second quarter, according to a new report from Cushman & Wakefield.
Gross rents for Class A office space in Central Texas were $39.19 per sf per year in June, an all-time high and a jump of almost 7.8 percent from the previous June.
Rents for top-tier space downtown also hit a record, averaging $54.11 a sf per year.
The occupancy rate for Class A space averaged 89.3 percent, down a notch from 90.4 percent in June 2016.
Austin-Round Rock had a 2.8 percent year-over-year employment growth rate in June, according to the Real Estate Center's latest Monthly Review of the Texas Economy. That put the MSA just ahead of the state as a whole.
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