Office development in Austin retained strong momentum at the beginning of this year, which highlighted the metro\u2019s resilience. The market ranked second nationwide in terms of new office space underway, behind Boston, CommercialEdge data shows. Other fundamentals lagged, however, as the large amount of new space coming online pressured vacancies and investment values.<\/p>\n\n\n\n
The coworking sector continues to grow as a viable solution to low utilization, which Austin is struggling with as well, as its vacancy kept increasing at a fast pace. There were 7,814 shared office space locations across the U.S. as of February, up 25 percent year-over-year, the latest CommercialEdge report<\/a> shows. The South led activity\u2014the Southwest\u2019s total shared space segment grew 13 percent, to 17 million square feet, while the Southeast\u2019s increased 18 percent, to 33.3 million.<\/p>\n\n\n\n