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.
The Real Estate Center has more office news for Austin-Round Rock:
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.