Austin office market red hot

​​​​AUSTIN – The local offic​​e market is fast, competitive, and expensive, according to a Colliers International report. 

Total inventory was at 51.9 million sf in second quarter 2018 with a vacancy rate of 12.3 percent. ​The average rental rate increased to $34​.51 per sf. In the central business district, Class A rates have climbed to $56.98 per sf. 

Currently, there is 4.09 million sf under construction with 2.1 million sf pre-leased.

In second quarter 2018, the metro had 446,698 sf of negative net absorption. So far this year, the office market had 684,045 sf of negative net absorption​. ​​​​