Austin office rents, occupancies: Oxford CommercialAustin office rents, occupancies: Oxford Commercialhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=60412013-10-14T12:24:00Z2013-10-14T09:15:00Z

AUSTIN - Average rents for top-tier office space rose to a record high in third quarter 2013, while the occupancy rate reached its highest level since the recession, according to Austin-based Oxford Commercial, a member of the Cushman & Wakefield Alliance.

Rents for Class A space averaged $32.17 per sf, up 7.6 percent year-over-year and an all-time high.

The occupancy rate for Class A space was 88 percent, putting the region above the 2007 mark of 86.5 percent — and quickly approaching the 2006 level of 89 percent.

Rising high-tech employment has helped fuel double-digit rent growth in U.S. tech-dominated submarkets.

As of August, the Austin area posted an increase of 23,800 jobs year-over-year, a 2.9 percent growth rate, according to the most recent figures from the Texas Workforce Commission.

Read more at the Austin American-Statesman.

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Austin American-Statesman
Austin-Round Rock
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