AUSTIN–High demand for office space has propelled the marketactivity in the Austin metro area, according to a recent report putout by REOC Austin.
Doug McGregor, senior office consultant forREOC Austin, tells GlobeSt.com that the decrease in office vacancycomes from several factors including, “relocation or expansion fromexpensive California markets, expanding state government use ofspace, and growth in the technology sector.”
In the first quarter, more than 284,200 square feet of officespace was absorbed through leases and expansion. This brought thevacancy rate down to 10.5% from 11.6% in thefourth quarter of 2014, and 12.6% in the same quarter lastyear.
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