Figures
Austin Office Figures - Q3 2024
October 8, 2024 5 Minute Read
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- For the third consecutive quarter, the Austin office market recorded a decrease in the total amount of space available for sublease, dropping 4% compared to Q2 2024.
- Market wide vacancy reached 24.3% this quarter, up 60 basis points (bps) from Q2 2024.
- Average gross asking rents across all class types rose $0.15 quarter-over-quarter.
- As of September, more than 81 tenants are actively seeking space totaling over 2.5 million sq. ft.
- New construction starts continued to stall, with zero groundbreakings occurring in Q3 2024.
- Two projects completed construction this quarter, delivering over 800,000 sq. ft. of new Class A office space to the market.
- Austin ranked first in the nation in return-to-work efforts with an average building occupancy rate of 76.7% as of September 23rd, 2024, according to Kastle Systems’ weekly Back to Work Barometer.