Austin office occupancies, rents on the rise

AUSTIN – The Austin area office market posted gains in rents and occupancies in third quarter 2012. The occupancy rate for top-flight office space was 85.8 percent by the end of the quarter, up from 81.7 percent in the year-ago period, Oxford Commercial reported.

Rents for that first-class space averaged $29.90 per sf, up $1.67 from the $28.23 per sf on average at the end of September 2011.

The Austin metro added more than 4,000 jobs in August, a 3.2 percent growth rate over August 2011. Companies expanding their local operations include Emerson Process Management, Yodle Inc. and Apple Inc.

Read more at the Austin American-Statesman.