AUSTIN – The local office 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.
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