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Renting Office Space in Austin

Austin has become a significant tech hub in recent years as companies like Facebook, Indeed, Google, and several others now have a considerable presence in the neighborhood. Large medical corporations also occupy much of the northern side of Downtown while Parsley Energy is set to lease a 300,000 SF, 31-story building in 2020. Over 9 million SF of Class A space represents over half of Downtown Austin’s total commercial space. The area also features roughly 5 million sq ft of Class B and over 2 million SF of Class C space. Rents vary widely averaging $45-$55 SF for Class A, $40-$45 for Class B, and $35-40 for Class C in Downtown Austin. Pre-leasing prices in new construction Class A properties are roughly $60-$70 SF. Vacancy rates hovering around 5% have placed an upward force on price points while also limiting choices for full-floor users. Several large-scale towers are either under construction or in the planning stages to provide the area with additional commercial space inventory in the near future. 

The southwest portion of Austin is synonymous with some of the most renowned tech-oriented companies in modern industry. The majority of the commercial space is Class A and averages 30,000 SF. Price points for Class A office space in Southwest Austin fall around $40+ SF and $35 for Class B. Most of these office parks, as well as the growing number of retailers in the area, offer ample parking as part of the lease terms. Companies can typically expect five parking spaces for every 1,000 SF of office space. Small to medium-sized businesses are well-served by North/Central Austin’s many traditional Class A office parks located west of Mopac Expressway (Loop 1). The area also features several low to mid-rise buildings as well as pockets of light industrial space. The majority of these properties feature space up to 5,000 SF at rents of $28 SF gross. Companies needing more space can find commercial property in the 20,000 SF range along the border of Mopac where 15 large scale office parks serve bigger organizations.

Neighborhood Comparison

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