Austin Office News Archive
How do you know a commercial real estate broker can perform and provide you great service? Service is action, not word
s, wouldn’t you agree? Within this page you can located office news from previous quarters. Looking for a a birds-eye view of what has happened to the Austin office market? The next step? Team up with Shire Commercial to provide You the necessary actions it takes to find a a commercial property for lease or sale so that you can save a lot of time and hassle running around needlessly. Contact us today.
Previous Office News
Q3: Office vacancies increased .7% , sublease activity increasing. Lease rates still largely unchanged.
Q2 203: Sublease space rising, Lease rates rising and vacancy rates overall still at 21%
Q1 2023: CRE cycles over the past 44 years show, declines in commercial real estate pricing especially with higher interest rates. After the decline it takes on average 5-6 years to recover after hitting the bottom. As a seller, be aware that you can be sitting on your property for some time if you ask for peak market pricing. Can you afford to still own your property after 5-6 years? Can you afford to refinance at current market rates?
Q4 2022: Subleases moving up again to finish 2022, Lease rates on direct leases increase $2.00/psf per yr.
Q3 2022: Subleases are back on the increase.Moving up 16%. Lease rates for Class A move upward even with vacancies holding with little movement.
Q1 2022: Vacancy down slightly at 1%, with lease rates moving higher into Q2 2022. Office subleasing contracting nominally quarter to quarter.
March 2022: Sublease offices increase in most sub-markets
Feb 2022: Subleases are on decreasing substantially , direct office space vacancies may stay flat near term
We now expect at least thru the second quarter of this year perhaps longer that demand will fall. Lease rates may come down as more supply is on the market with less demand. As of Q1 2023, , vacancy is higher , however rates are not lower.
Take advantage of great Austin office leasing services now.
Contact us today for more information and a no obligation analysis of what the office leasing possibilities are for your business.
How to calculate your monthly rent? Use the following formula:
Square footage per yr divide by 12 X the square footage of the office.
Example: $12.00 per SF per Yr /12 = $1.00 X 1,000 SF (office) = $1,000 per month for your rent.