Eight months into 2022, the overall vacancy is at 15.1%, up from last year at 13.9%. Availability is at 21.1%, up from August 2021 at 18.7%. The Austin office market has recorded 5.1 million sq. ft. of leasing activity, comprised of both new leases and renewals, while net absorption is at a positive 1.6 million sq. ft., up 60% from a positive 991,000 sq. ft. this time last year. The amount of square feet delivered to the Austin office market from January through August is 2.9 million sq. ft., down 9% from August 2021.
The average asking full-service rent in the Austin office market metro is $42.17 per sq. ft., up by 5.3% from this time last year at $40.06.
Lincoln Property Co. and Kairoi Residential have started construction on Waterline Tower, a 74-story, mixed-use high-rise at 98 Red River St. in downtown Austin. Once built, it will be the tallest tower in all of the Lone Star State, standing 1,022 feet tall. It’s due in 2026.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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