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SOURCE: Austin Tenant Advisors
Nathan Smith, a local Austin tenant representative with Austin Tenant Advisors says that the recent surge of downtown Austin office space leasing has caused vacancy rates to plummet. As a result office lease rates will remain high.
Austin, TX (PRWEB) December 11, 2012
Office space vacancy rates continue to decrease dramatically in the downtown Austin area, and as a result office lease rates in Austin remain high. Nathan K Smith, an Austin Tenant representative, suggests that existing and prospective tenants plan and execute early for their current and future downtown office space needs because in the months ahead it will become much more difficult to find available space. Average lease rates for all classes are averaging around $30 sf in the downtown area while landlords of class A properties are quoting $38 sf or higher.
The downtown Austin area is growing by leaps and bounds, due in a large part to Austin's strong job market, one of the highest in the United States. This is bringing in a huge influx of new businesses to the area, causing a large cramp in the already tightening downtown office spaces that Austin has available. Vacancies have recently fallen below 12%. Compare this to other major cities such as Atlanta which reports a 24% vacancy rate.
For years, law firms have dominated the downtown scene, however over the last 3 years software and technology firms have been competing for space in an effort to recruit and retain top young talent. Now that the larger Austin office spaces are being plucked up quickly, some law firms and other businesses are choosing to move away from the downtown atmosphere.
Downtown Austin has become increasingly popular over the last couple of years because of the dynamic nature of the marketplace and cool vibe. It’s easier to recruit younger talented employees and it’s great for entertaining clients and connecting with others for lunches and events such as SXSW.
For those companies that have more than 100 employees, it is becoming next to impossible to find office space in the downtown Austin area. There are only around five office spaces that are at least 20,000 square feet or more. While small business ventures can still find spaces, bigger firms must act with quickness.
About Austin Tenant Advisors:
Austin Tenant Advisors provides professional office space tenant representation services to businesses throughout the Austin area and those out of state companies seeking to open and Austin office. Its team of highly skilled real estate agents and associates have a complete knowledge and understanding of the Austin commercial real estate market. The staff prides itself on helping businesses in Austin find the best location to buy or lease at the most affordable rate. Austin Tenant Advisors helps its clients with all aspects of buying or leasing commercial property, including searching for prime locations, scheduling tours, negotiating with the selling or leasing agent, and working with the landlord. For more information about Austin Tenant Advisors call 512-861-0525 or visit them online at http://www.austintenantadvisors.com/.
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