Offices Space Market Report Austin | Q4 2020
Office space market report |Q4 2020
Austin office space is feeling the effects of COVID-19. Interestingly enough, lease rates are not correcting as expected. During the last quarter of 2020, Austin vacancies rose 2%. Current vacancy is now close to 17%.
Sublease market for office space
Subleases are increasing into 2021. This has been caused by COVID-19 effects pushing businesses out of business and further consolidations due to working at home. Full Service lease rates are remaining flat. Pre-leasing is moving down significantly above 30% for the Austin office space market. You can cross compare with previous market news updates on our website.
Normalization predictions?
We predict some normalization potential into the summer of 2021. This is all predicated on Geo-political movements and the COVID vaccine distribution.
Vacancy overview for the market
You can view office lease rates with our tracking chart for sub-markets. As stated earlier, average vacancy is near 17%. The NE and South sub-market has the highest vacancy rates at 40% and 32% for Class A office space. As a tenant , we would guide you towards those sub-markets for the best lease rates.
Shire Commercial has helped clients find suitable office solutions since 2004. We also provide recommendations for space planners, although most of the time the landlord’s team has planners they like to use. For your next Law office, contact Shire Commercial!