Figures

Austin Office Figures - Q2 2024

July 8, 2024 5 Minute Read

Available sublease space across the market is currently on a downward trajectory, experiencing a decrease of over 2.3% from the previous quarter.
Market wide vacancy reached 23.7% this quarter, down 10 basis points (bps) from Q1 2024.
Q2 2024 marks the second straight quarter in which the Austin office market has recorded positive net absorption.
As of June, more than 86 tenants are actively seeking space totaling over 2.5 million sq. ft.
A total of 1,753,327 sq. ft. of office product is projected to be completed in 2024, with approximately 18.0% of the pipeline pre-leased at this time.
Three projects completed construction this quarter, delivering 480,214 sq. ft. of new office space to the market.
Austin ranked first in the nation in return-to-work efforts with an average building occupancy rate of 63.9% as of June 2024, according to Kastle Systems’ weekly Back to Work Barometer.