Positive outlook for Austin office market in 2020Positive outlook for Austin office market in 2020https://www.recenter.tamu.edu/news/newstalk-texas/?Item=238022020-01-30T06:00:00Z2020-02-03T20:00:00Z

​​​​​​​​​Skyline view of downtown Austin

AUSTIN – The metro's office market closed out 2019 with job growth above the national average and one of the lowest unemployment rates in the country, according to Cushman & Wakefield.

This has driven demand and increased average rents to a record high.

In 4Q2019, marketwide asking rents for top-tier office space increased 7.4 percent year over year to $44.14 per sf. This is down from a record high of $44.18 per sf in 3Q2019.

Last year's "red-hot economy" pushed overall asking rents to a record high of $39.21 per sf.

Occupancy increased from 90.6 percent to 92.3 percent.

According to CBRE, 3.1 million sf of office stock was added across the metro in 2019. Currently, 7.2 million sf is in the construction pipeline with a preleased rate of 47 percent.

Texas logoThe Real Estate Center has more office news for Austin-Round Rock:

Austin American-Statesman
Austin-Round Rock
Read more at {Source}

 Search NewsTalk Texas