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Office Market Continues to Support Spec Development

AUSTIN, TX—Demand has now outpaced new supply for six consecutive years and the need for more affordable space could spur increased development activity in Austin’s outlying submarkets.

Jared Jakovich Jakovich says infrastructure concerns and increased hiring competition will remain key challenges.

AUSTIN, TX—Office market fundamentals continue to steadily improve, according to PM Realty Group. Class A direct occupancy rates have improved by 40 basis points to 89.6% from the prior 12 months to reach the highest level since the dot-com bust in 2001. Citywide class-A asking rents rose by $0.46 to $36.04 per square foot (gross) during the quarter and have jumped by 7.7% or $2.59 within the past 12 months.

Jared Jakovich, PM Realty Group senior vice president, recently shared his thoughts on how these stats relate to the office market and what they mean for the future of the office market.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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