{"id":1004573131,"date":"2022-03-30T08:55:54","date_gmt":"2022-03-30T16:55:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573131"},"modified":"2022-12-08T20:34:12","modified_gmt":"2022-12-09T04:34:12","slug":"austins-office-vacancy-dips-below-the-national-average","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austins-office-vacancy-dips-below-the-national-average\/","title":{"rendered":"Austin’s Office Vacancy Dips Below the National Average"},"content":{"rendered":"

\"\"<\/a>As of February, Austin\u2019s office vacancy rate decreased significantly, reaching 15.4 percent and marking a 90-basis point decrease since January, according to CommercialEdge<\/strong> data. The metro\u2019s vacancy rate outperformed the national average, which clocked in at 15.7 percent the same month.<\/p>\n

The pandemic further accelerated the Texas capital’s ongoing construction boom, contributing to the office market’s rapidly increasing vacancy. While at the beginning of 2021, Austin’s vacancy rate has been relatively on par with the national average, by July it surpassed the U.S. average by 60 basis points, at 16.1 percent.<\/p>\n

Among similar Sun Belt markets, Austin’s vacancy was similar to that of Charlotte (15.3 percent) and Phoenix (15.5. percent), while Atlanta (22.3 percent) and Dallas (17.1 percent) bore lower rates.<\/p>\n

Austin Welcomes Big Tenants<\/h2>\n

It was the talk of the town when social networking service TikTok<\/strong> signed a major commitment<\/a> at a recently completed downtown Austin tower in February. The Chinese-owned company inked a 125,000-square-foot sublease at Cousins Properties<\/strong>\u2019 300 Colorado tower. TikTok will occupy the top six floors of the 32-story, 368,798-square-foot high-rise that came online last year.<\/p>\n

Starwood Capital Group<\/strong> and Vanderbilt Partners<\/strong> entered another notable lease<\/a> at their five-building office park in Northwest Austin. Spanish multinational company Ferrovial Services<\/strong> took 11,575 square feet at The Campus at Arboretum, a 319,000-square-foot office complex at 10415-10431 Morado Circle and 10814 Jollyville Road.<\/p>\n

In February, Austin Northwest was the submarket with the highest vacancy rate, hitting 22.5 percent. Other high-vacancy submarkets included Austin East (20.1 percent) and Downtown (18.2 percent). Austin North, on the other hand, continues to be one of the top performing submarkets, with an average of 6.4 percent. Round Rock (4.9 percent) and Southeast Austin (7.1 percent) also registered low rates.<\/p>\n

CommercialEdge<\/a> 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":"

TikTok was one of the companies that made significant commitments to the Texas capital.<\/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-1004573131","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 Vacancy Update<\/title>\n<meta name=\"description\" content=\"Austin's office vacancy registered a significant decrease in February, due to high-profile companies such as TikTok committing to the metro.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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