Tech still tops office leasing demand in Austin

Office leasing has undergone a recent transformation with the widespread adoption of the hybrid work model. This shift has given rise to diverse requirements for physical office spaces, with distinct demands emerging from different tenant industries. Tech sector took the forefront in leasing activity, constituting 62% of the leasing volume in 2023. Notable tenants in this category such as AMD, IBM, and Amazon collectively leased over 866k sf. Professional services such as banking, finance, insurance and real estate followed closely behind leasing some 381k sf.