{"id":1004545227,"date":"2021-08-05T22:34:32","date_gmt":"2021-08-06T06:34:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004545227"},"modified":"2022-12-07T06:23:40","modified_gmt":"2022-12-07T14:23:40","slug":"austin-market-update-office-vacancy-contracts-again","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/","title":{"rendered":"Austin Market Update: Office Vacancy Contracts\u2014Again"},"content":{"rendered":"

\"\"<\/a>Despite a rapidly expanding office stock, Austin\u2019s vacancy rate has been decreasing for two consecutive months<\/a>, hitting 16.4 percent in June, according to CommercialEdge data. The rate came closer to the national average of 15.6 percent, just 80 basis points below the figure.<\/p>\n

Austin\u2019s vacancy rate was down 30 basis points since May and up 710 basis points year-over-year. The metro\u2019 booming office market added a whopping 3.9 percent of new stock in 2020, while nearly 2 million square feet of office\u2014across 11 developments\u2014was delivered in the first half of 2021. As we move into the second half of the year, the metro\u2019s vacancy saw a 440-basis-point increase since January.<\/p>\n

Indeed Tower, the city\u2019s tallest office building, came online in late May. By mid-June, developer Trammell Crow Co. reached a definite agreement with California-based Kilroy Realty Corp. to sell the trophy asset for $580 million<\/a>. At the time of the sale, the freshly delivered property was 57 percent occupied.<\/p>\n

When compared to similar markets, Austin fared better than Dallas (18.5 percent) and Phoenix (18 percent), but trailed Charlotte (12.3 percent). Atlanta\u2019s vacancy hit 20 percent in June and was one of the highest among Sun Belt cities.<\/p>\n

The Austin East submarket bore the highest vacancy rate in the metro, reaching 31.8 percent. Austin Northwest and Northeast had elevated vacancies as well, at 22 and 19.6 percent, respectively, while Downtown also surpassed the metro\u2019s average by 190 basis points. Austin North was the submarket with the lowest vacancy, reaching 5.4 percent.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The metro is vigorously absorbing fresh product from its market-leading pipeline, according to CommercialEdge.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742,21747],"tags":[51047,50674],"class_list":["post-1004545227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nAustin Market Update: Office Vacancy Contracts\u2014Again - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Austin Market Update: Office Vacancy Contracts\u2014Again\" \/>\n<meta property=\"og:description\" content=\"The metro is vigorously absorbing fresh product from its market-leading pipeline, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-06T06:34:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T14:23:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/\",\"name\":\"Austin Market Update: Office Vacancy Contracts\u2014Again - 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Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Austin Market Update: Office Vacancy Contracts\u2014Again - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/","og_locale":"en_US","og_type":"article","og_title":"Austin Market Update: Office Vacancy Contracts\u2014Again","og_description":"The metro is vigorously absorbing fresh product from its market-leading pipeline, according to CommercialEdge.","og_url":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-08-06T06:34:32+00:00","article_modified_time":"2022-12-07T14:23:40+00:00","og_image":[{"width":1200,"height":930,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/","url":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/","name":"Austin Market Update: Office Vacancy Contracts\u2014Again - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2021-08-06T06:34:32+00:00","dateModified":"2022-12-07T14:23:40+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","width":1200,"height":930},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-vacancy-contracts-again\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Austin Market Update: Office Vacancy Contracts\u2014Again"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. 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