Austin office market report

Q2 2024

Leasing activity in Austin's office market is experiencing a notable upswing, suggesting a positive shift in the market landscape. This trend is further substantiated by an increased absorption rate of sublet space, which suggests the beginning of a recovering market. Additionally, the healthy preleasing activity in buildings currently under construction highlights the confidence of businesses in the market's future potential. Together, these factors paint a promising picture for the future of Austin's office market.
700,000 sf

Leasing activity remains positive in Q2

Leasing activity remained stable in the second quarter, with 700,398 sf of space signed. Smaller leases, ranging from 5,000 to 10,000 sf, dominated the market, accounting for 295,880 sf of the total lease transaction volume.

32.1%

Preleased under construction office properties indicative of recovery

In 2024, a total of 2.0 msf of office space is projected to be delivered. Of this new supply, 32.1% has already been preleased, indicating healthy tenant demand and confidence in the market.

+502,000 sf

Sublet space absorption outpaces direct net absorption

Since the end of 2023, the Austin office market has shown positive market movements. Year-to-date, sublease space absorption has reached 502,453 sf, consistently surpassing direct absorption for three consecutive quarters.

Your source for the latest Austin office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Austin area. Avison Young advisors look at Austin commercial real estate activities and the latest Austin statistics to provide you expert market research on Austin's office properties.

Explore different topics like the latest office market pricing trends and analysis of Austin's current office real estate market conditions. Gain a better understanding of Austin’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Austin's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Austin.

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