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AUSTIN-Things have changed in Austin since January when economist Angelos Angelou made his economic forecast for Central Texas. Since then, Austin companies have laid off more than 15,000 workers, some of those companies are no longer in business and there’s more than 2.5 million sf of sublease space available.

On June 25 Angelou’s firm, Angelou Economic Advisors, will give an idea of what to expect for the rest of this turbulent year when he issues a revised forecast for Austin real estate. The forecast will come in association with the Austin Real Estate Council luncheon at the Four Seasons Hotel.

In January, Angelou predicted that office occupancy rates would decline to the low 90s and that more sublease would open up.

Other reports are already showing changes in the market. In a report released this week, Marcus and Millichap’s National Multi Housing Group said that Austin is one of several cities where apartment markets will be “particularly” affected by the economic downturn.

Still, the report said, that although vacancies will rise in Austin and the other cities–including the San Francisco Bay area; Washington, DC; Detroit; New York; Boston; and Seattle–will remain among the tightest markets nationally.

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