Austin Office Figures Q4 2023

January 9, 2024 5 Minute Read

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  • Market wide vacancy reached 23.1% this quarter, rising 140 basis points (bps) from Q3 2023.
  • The rate of sublease availabilities hitting the market slowed, but persisted in Q4 2023, with total available sublease space increasing by 2.3% or 132,000 sq. ft. from Q3 2023.
  • As of December, more than 84 tenants are actively seeking space totaling over 2.8 million square feet.
  • New construction starts continued to stall, with zero groundbreakings occurring in Q4 2023.
  • Two projects completed construction this quarter, delivering 263,000 sq. ft. of 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 56.7% as of December 20, 2023, according to Kastle Systems’ weekly Back to Work Barometer.