Meta Adds to Austin’s Sublease Space

The building is still under construction, but Meta Platforms has already put office space on the sublease market, twice. Meta Platforms Inc. put nearly 590,000 square feet on the sublease market last November. And last week it added nearly 120,000 square feet. The company blames remote work and recent layoffs.

The under-construction building is at Sixth and Guadalupe.

The Austin Business Journal reports that depending on the floor, lease terms extend through July 2027 for some of the floors and up to July 2029 for others. On average, most sublease space spends about a year on the market before being filled. Additionally, the average sublease space getting filled in Austin is much smaller than the space Meta is offering. As of May 1 of this year, Austin had 5.2 million square feet of sublease inventory.