AUSTIN (ABJ) — The pipeline of new office development in Austin is at its lowest point in more than a decade.
That’s according to commercial real estate firm CBRE, which pegged the amount of office space under development at approximately 998,000 square feet in the first quarter, the first time for the figure to drop below 1 million square feet in over 10 years. Metro-wide, vacancy rates in the third quarter reached 26.1%, CBRE said, a figure that has risen steadily from 18.9% in the fourth quarter of 2022.
And while the office market has faced negative absorption for the past three quarters, all 998,000 square feet under construction is slated for delivery by the end of 2026.
Read the full article on the Austin Business Journal.
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