Austin Office Market Northwest 2023

The Parmer corridor in Austin’s office market (NW) area heading into Q2. 

Office Development

Development along the Parmer Lane area is historically tech and software based offices for companies. Moving into 2023 however, office leasing is not as robust as before.  Reason? Apprehensions regarding economic decline. 

Office Market Details

Tenants today are in a hovering mode, which means it is taking a lot longer for them to pull the trigger on leasing an office. With the advent of work from home solutions, companies are reassessing the need for office.  This trend is foretasted to continue.

  • Apple computers moved to Austin in 1990 and was in the Parmer area starting in the year 2000.
  • Formerly owned by Dell, the Parmer Innovation Center was purchased by Karlin RE
  • Parmer Innovation Center plans are on hold until a major tenant arrives
  • 7700 Parmer is a 120 acre commercial park 
  • 7700 Parmer plans are to add 800,000 square feet across six buildings, waiting on a major tenants.

Market Stats and Plans for Northwest Austin

Available Sublease offices are on the up-tick.

  1. Approximately 140,000 SF in sublets avail compared to 102,000 last year.
  2. Total Subleasing Square footage has hit near 5M in Austin.
  3.  Remote work is more acceptable now , cutting down on the need for more office space.
  4. Estimated Completion of 7700 Parmer is not confirmed
  5. Apple’s expansion regarding their campus is not confirmed
  6. Pearson Ranch under construction completion 2032-2037 Mixed Use property
  7. 9500 Parmer completion Bldg 1 mid 2023, Bldg 2 not confirmed

Shire Commercial has helped clients negotiated commercial leases since 2004.  Contact Shire Commercial!