Austin, TX Office Space for Lease or Sale | Warehouse Properties
Best follow up for Commercial Real Estate since 2004
How do you know a commercial real estate broker can perform and provide you great service? Service is action, not words, wouldn’t you agree? Find Austin office properties for rent with a birds-eye view of what is going on with lease rates for commercial real estate in Austin. By tracking Austin office lease rates, we can provide our Clients with real time accurate information. The next step? Team up with Shire Commercial to provide You a list of offices for rent so that you can save a lot of time and hassle running around needlessly. Updated consistently to ensure our surveys are accurate for you to view. Contact us today to help you lease or sublease an office space.
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Are you currently looking to sell your office condo or Austin office property? Shire Commercial has provided listing services for Sellers since 2004 to help them sell their office condo or office properties.
If you are looking for Austin office space for lease, you are at the right website. Providing Clients results and finding Austin office space for lease since 2004 are the direct benefits of utilizing our leasing services. With Shire Commercial’s office space leasing services you can find value deals in Austin’s commercial real estate market. Offices less than 1,500 SF “may” a balance 2-3 yr term for us to to be able to help our clients. Regarding commercial rental rates, do not expect below market lease rates when vacancies are lower. Subleases change month to month and quarter to quarter. See the latest stats in our market news below on this page.
Current Office Leasing and Sales News
Q4 2023 : Year end-0ffice vacancies increase more now 23% with sublease activity increasing up 2.3%. Outlook is not positive near term. Lease rates drop $0.19. 1.2M SF of new office delivered in 2023.
Q3: Office vacancies increased .7% , sublease activity increasing. Lease rates still largely unchanged.
Q2 203: Sublease space rising, Lease rates rising and vacancy rates overall still at 21%
Q1 2023: CRE cycles over the past 44 years show, declines in commercial real estate pricing especially with higher interest rates. After the decline it takes on average 5-6 years to recover after hitting the bottom. As a seller, be aware that you can be sitting on your property for some time if you ask for peak market pricing. Can you afford to still own your property after 5-6 years? Can you afford to refinance at current market rates?
Q4 2022: Subleases moving up again to finish 2022, Lease rates on direct leases increase $2.00/psf per yr.
Q3 2022: Subleases are back on the increase.Moving up 16%. Lease rates for Class A move upward even with vacancies holding with little movement.
Q1 2022: Vacancy down slightly at 1%, with lease rates moving higher into Q2 2022. Office subleasing contracting nominally quarter to quarter.
March 2022: Sublease offices increase in most sub-markets
Feb 2022: Subleases are on decreasing substantially , direct office space vacancies may stay flat near term
We now expect at least thru the second quarter of this year perhaps longer that demand will fall. Lease rates may come down as more supply is on the market with less demand. As of Q1 2023, , vacancy is higher , however rates are not lower.
Market Demand and Construction
Meta subleasing their Downtown Austin Space, increases in subleasing adding 1.5M square feet for Q2 2023
Office space subleasing increases to push Austin to rank 3rd in the country. At the end of Q1 2023, sublease activity rose over 2%.
More sublease offices pushes Austin to rank #3 in the country for March 2023.
The Austin office property market continues to be down. We are seeing less sublease offices in specific sub-markets tracking 800-5,000SF. In today’s market desirable office spaces with lower lease rates from $1.30 psf per month to $1.50 are still available .
**Office Leasing Stats Nationally: Leasing activity is down -53% ** for 2020.
Commercial Office Property Vacancy -Absorption Overview
Vacancies are not changed near 21% at the end of Q2 2023
Demand is weakening and subleases are increasing. For smaller square footage office properties may involve shorter lease terms in 2023. Rental rates in specific sub-markets have moved upward. Within the CBD sub-market, leasing rates are not moving downward. If a term is less than 3 yrs, there may or may not be a base rent increase. Not surprising, Sublease office availability is scaling upwards in 2023. As a comparison, Commercial Real Estate in Austin overall for the year 2019, was robust.
Previous Years | Office Statistics
According to Realtor magazine, here are some stats: “How many square feet of office can a tenant get for $5000 per month (Class B)”? Austin 1,288 SF , Houston 2,304 SF , Dallas 2,630 SF. Austin still leads other cities with higher rents into 2018.
Is your office lease is expiring within the next 90 days, then it is time to have a conversation .