NEW YORK – The office markets in Austin and San Antonio continue a trend of impressive growth, according to Cushman & Wakefield.
Austin’s central business district (CBD) continues to draw major employers, including Google and Indeed, which combined occupy about 667,000 sf. This downtown migration has pushed vacancy in the CBD down to 10.1 percent, with rents skyrocketing to a high of $52.37 per sf.
New tenants are coming to San Antonio because of low costs and an educated workforce, a positive trend with strong fundamentals and viability. However, due to a surprisingly low inventory of Class A office buildings, downtown San Antonio’s rates of $23.55 per sf reflect this supply shortage.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.