Austin Office Market Indicator Shows 10-Fold Gain
Four months into 2022, the overall vacancy is at 14.2%, up slightly from last year. But it was net absorption where the biggest increase occurred. An NAI Partners market report showed the Austin office market recorded 3.1 million square feet of leasing activity, comprised of both new leases and renewals, while net absorption is at a positive one million square feet, up a record breaking ten-fold year-over-year, according to NAI Partners’ Leta Wauson.
The amount of square feet delivered to the Austin office market from January through April, 1.1 million square feet, has outpaced net absorption for the third consecutive period since 2019.
New move-ins so far this year include Cloudfare, moving into 124,393 square feet in Foundry II and Splunk taking 52,000 square feet in Bouldin Creek.
- ◦Economy