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Austin Ranks in Top 50 of Most Expensive Office Markets
While COVID’s full effects on the office market and a timeline for recovery are still unclear, the year ended with several valuable insights, according to CommercialSearch. Its newest study ranked the most expensive U.S. office submarkets by average asking rent.
Here are some highlights from the study:
Two Texas submarkets made the top 50, both of them from Austin. East Austin ranked 40 out of 50, with an average asking rent of $60.60 per square foot in fourth-quarter 2020. And, downtown Austin claimed the 46th spot on the list with an average asking rent of $58.81 per square foot.
For this study, CommercialSearch considered all U.S. office submarkets where there were at least 10 listings of office space for rent during Q4 2020. The data includes only office properties equal to or larger than 25,000 square feet.
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