AUSTIN (Austin Business Journal) — The future of Austin’s office market is getting cloudier by the day, but there's cause for optimism from longtime players and a respected institution that tracks local real estate.
Adam Perdue, research economist at the Texas Real Estate Research Center at Texas A&M University, said he expects office vacancy to rise as buildings that started construction in recent years are delivered — but he doesn't expect the increase to be anything near historic. Austin’s office vacancy rate is 19%, according to CBRE’s Q3 office report, published Oct. 14.
“In Austin, we finally turned (vacancy) down to about 10% in both class A and overall before the end of 2019, and it actually started picking up at the end of 2019 because we started delivering some of those buildings started in 2018,” Perdue said.
