Office Rental Rates Avg Q1 2024
$48.22 per square foot-slightly up
Avg Austin Office Vacancy Rates Q1 2024
Overall Average is at 23.8% Increasing
Office Space for Rent – Updated for April 2024
Vacancy rates are increasing. However, Landlords are not downgrading lease rates which is an anomaly in a down market . Our projection is there will be a more inventory and higher vacancies. However, lease rates in the Downtown Austin area are not moving downward. Sublease opportunities have increased into Q1 2024 have increased in specific sub-markets.
Keep in mind, all lease rates are sub-market dependent in Austin. Lease Rates in the CBD area are seeing no significant change “yet” for this year (Q1 2024) which is the inverse of what most people would expect. However, the longer offices stay empty, it will put more pressure on owners to lower their lease rates. We are not experiencing any significant decreases in lease rates.
On this page , view office space for rent. We are providing you with an overview of 800 square feet to 5,000 square feet listings. Review the table of information so that you are able to see the current trends for office rentals below. We track current listings of office spaces for lease or sublease in the Austin area. Clients find the right rental office for lease or sublease with Shire Commercial’s services and that is just step 1.
Fact: There are at least 15 steps to have a profitable lease for your business. You do not have to do all the work. We help Clients thru every step of a lease.
What will you receive when you engage with Shire Commercial as your broker?
Clients receive negotiations, market knowledge leveraged strategies, concessions, offers and lease reviews so that they can make good business decisions. . Will finding an office property on your own provide you with all the information you need to make an educated business decision?
Don’t see what you are looking for? Contact us today for more options.
| Jan | Square Footage | Lease Rate Range Per SF Per Month FS= Full Service MG= Master Gross | Potential Number of Office Spaces for Lease (Tracking Listed Properties) | Updated for : |
|---|---|---|---|---|
| Central Austin ,East and Downtown Area | 845-3,500 Below 1,500 SF requires a 3 yr term | $1.13 NNN -$4.58 FS | 100+ Office spaces for lease | April |
| Northeast , Round Rock, Georgetown | 855-3,482 Below 1500 SF requires a 3 yr term | $1.00+ NNN-$2.30 FS | 140+ Office spaces for lease listings | April |
| South ,Southeast and Hays Cty | 800-3,000 Below 1500 SF requires a 3 yr term | $1.05 FS-$3.50 FS | 150+ Office spaces for lease listings | April |
| Cedar Park, Northwest and Far NW | 800-3,323 Below 1500 SF requires a 3 yr term | $1.44MG- $4.50 FS | 150+ Office spaces for lease listings | April |
| Southwest | 840-2,500 Below 1500 SF requires a 3 yr term | $1.45-$3.21 | 200+ Office spaces for lease listings | April |
Austin Office Sublease Chart
| Area | Square Footage Range Vacant Sublets | Overall Leasing Rates- Call for Sublease Rate info | Vacancy % by Sub-market | Updated showing previous Quarter reported |
|---|---|---|---|---|
| Downtown | 1.3M Class A 146K Class B | $60 | 25 | Q1 |
| Central | 34K Class A 19K Class B | $46.00 | 25 | Q1 |
| Northwest Far Northwest, Cedar Park Leander area | 755K Class A 2374K Class B 366K Class A 326K Class B | $35.00-$47.00 $32.00-$36 | 24 35 | Q1 |
| Northeast Round Rock | 654K Class A 39K Class B -RR | $31.00 $37.00 | 46 8 | Q1 |
| Southeast Southwest | 254K Class A, 200K Class B 342K Class A 112K Class B | $33.00 $37.00 | 14 17 | Q1 |
Above are the most recent subleases on the market, contact us to help you find these types of offices today!
Office Space for Rent
An office space for rent can be direct lease or be an office property for sublease. If you are looking to sublease an office you are called a sub-lessee and you should know these office properties typically are not showcased with signage on the road and therefore are more difficult to find for the person driving by on the street. Current Subleasing opportunities on listed within the tracking chart on this page. Offices for Rent may be quoted as gross, modified gross, or full service. Call us for more details or check our current tracking chart that shows current offices on the market from 800-5,000SF on this webpage.
Operating Expenses in Austin
Renting office space in Austin has expenses which are defined in terms as NNN (Triple Net), NN (Double Net), Full Service, Modified Gross and Gross. Typically within a multi-tenant office building the OPEX or operating expenses are expressed as Full Service. This means that everything is included such as electric, janitorial, common area maintenance and operating expenses.
Renting Space in Austin
How do you calculate your office rent per month? Lease rates can be expressed as a yearly lease rate or monthly lease rate as stated in our charts. To convert a yearly rate (Divide the yearly rate by 12) Example: $18.00 /12 equals a $1.50 per square foot per month. This will give you your monthly base lease rate. A base is defined as the amount of rent a tenant or sublesee pays without NNN expenses. An all in office lease rate such as Full Service would include operating expenses along with janitorial and utility costs.
When to start Looking for an Office?
The answer to this questions is dependent on several factors.
- My lease expires on?
- I need to be ready for operations on this date?
- I need extensive tenant improvements, medium improvements or no improvements?
- Start looking for an office solution within 45-90 days of your actual move in date.
Office Leasing Support and Expectations
- Personal Guarantees – Are you a start-up?
- Security deposit and Lease Execution- this includes your 1st or last month’s rent plus 1 month of a full month’s rent in advance
- Lease provisions- understanding lease provisions. We review all leases for our clients
- Lease issues- if there is an issue we provide client’s with a legal contact
- Brokers or agents are not allowed to provide legal interpretations or advice on lease documents
How Much Office Space do You Need?
Utilize our office calculation tool so that you can understand how large of an office you need: