Austin Office Market Growing in Suburbs
AUSTIN (REOC Austin) - Date: 05/15/2017
Job growth continues to translate into new tenant leases and expansions in the local office market, particularly in the suburbs, reports REOC Austin in its recent survey of nearly 41.6 million sf of office space.
The firm found that gross leasing activity generated 303,810 sf of positive net absorption in the third quarter, with activity in suburban areas leading the way.
While office buildings in the CBD had 34,240 sf of positive net absorption, suburban buildings had 269,570 sf. Year-to-date, the greater office market has had a total net absorption of 760,944 sf, with the CBD and suburban markets accounting for 83,685 and 677,259 sf, respectively.