Austin Office Space Locations
How are Austin office space locations distributed for Austin’s commercial real estate market in 2017. In this post we will separate out the office space locations by sub-market and by class to give you an idea of where the inventory is present. First, let’s establish the types of office properties that are out there. In the office arena, you can base offices or categorize them by Class initially and then by type. Using BOMA standards (Building Owners and Manager’s Association) there are 3 classes of office property.
- Class A- trophy type office space locations , examples: Frost Bank Tower, 300 Congress, 4401 Parmer Lane etc.- these types of offices have a high end finish out and command higher leasing rates than other office space locations.
- Class B- these offices have medium to nice finish outs in the interior however do not have all the high-end amenities that Class A offices have. These types of office space locations appeal to tenants where image is not as paramount and flexibility on location is greater.
- Class C- these are the value offices, cheapest of them all they tend to be in secondary sub-markets and are away from Downtown Austin and areas that have a lot of Class A infrastructure around them like the Arboretum.
Supply of Office Spaces
So which sub-markets have the most inventory and which type of property exists predominantly in each? Let’s first take a look at Class A (higher rents, high end finish outs)
Inventory picture and office space locations
Class A- typically found in Downtown Austin , Well developed retail areas such as the Arboretum and the Domain. Currently vacancy rates for Class A Office Space in Downtown is at (as of Sept-Oct 2017) 7.4% , in Northwest Austin 9.4%, and North Central Austin is at 5.5%. The 5% vacancy rate in North-central Austin is caused by the rentable area – North Central Austin has a higher inventory of Class B office spaces than Class A.
Where to go? To help you find the specific space, you would want to utilize Shire Commercial’s brokerage services. However, again as a birds-eye view here is a summary of Austin office space locations and the supply within sub-markets. For further details visit to our vacancy page.
- Class A- CBD, Northwest, Far Northwest , Southwest
- Class B- North Central, Round Rock, East, South