Brokers Say Previous Austin Sublease Space Estimates Skewed

AUSTIN-The amount of sublease space now available in the Austin market has been overestimated, say two brokers at Colliers Oxford Commercial who have analyzed the local numbers. Brokers Jeff Coddington and John Childers of Colliers Oxford Commercial estimate the actual amount of sublease space available in Austin during the first quarter of this year at 779,723 sf, rather than the 1.2 million or even 1.5 million estimated by others. They say that some of the space projected won’t be available to the third, or even the fourth, quarter of this year.

Most of that sublease space, Coddington says, is in small pockets of less than 10,000 sf in far northwest Austin. The total amount of office space currently on the market is 25,852,096 sf, according to their calculations.

“I think people have gotten the impression that there’s been a wholesale flattening of this market, but when you slice and dice the numbers, that’s really not the case,” Coddington tells GlobeSt.com. “If you’re not talking far northwest Austin and you’re not talking about 10,000 or less, there really hasn’t been that much of a change in the market.”