Office Real Estate Rebounds in Austin

According to the NAI REOC, as a result of tens of thousands of new jobs and an influx of people relocating to Austin, the city’s office real estate sector is seeing dramatic increases in occupancies and rents. The city has added 28,700 jobs in the past year, and its population has increased by over 25,000. This population and employment growth have impacted the city’s office real estate market in a big way: only 12.3% of the 41 million square feet of office space sat vacant in the second quarter, down from last year’s vacancy rate of 14.7%. This increase in occupancy has sent asking rents shooting up $0.50 in the last year to $24.80.

Read the full article at GlobeSt.com