AUSTIN - Spurred by the region’s continued job and population growth, the Austin area office market posted rising occupancy rates and rents in first quarter 2013.
Class A office space was 87.3 percent occupied on average by the end of March, compared with 84.4 percent at the end of first quarter 2012, according to Oxford Commercial. Rents for that top-tier space averaged $31.14 per sf, up from $28.99 a year ago March.
Occupancy rates have trended up for nine quarters in a row and the region is experiencing a shrinking amount of large blocks of space as technology and other firms have expanded and outside companies have moved in.
Absorption of office space is expected to further strengthen in the second and third quarters due to large lease commitments and some companies phasing into their space, said Jamie Patterson, vice president with Oxford.
Read more at the Austin American-Statesman.
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