Savills Studley Releases Q2 2016 Findings for Austin
High Demand for Office Space and Remaining Talent Challenges Growing Austin Companies
Austin, TX (July 20, 2016)
Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q2 Austin edition of the Savills Studley Office Market Report.
The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Austin region.
Highlights from the 2016 Q2 Studley Austin Report include:
- Office space availability for companies on the move in Austin continues to decline. Despite an uptick in Q1, availability rates retracted in Q2
- Austin’s Class A availability rate is now at its lowest mark since early 2013
- While the market’s population is still booming, Austin has a very low unemployment rate. The available talent pool remains quite thin for employers
- Slower hiring and tenuous tech investors have reduced demand from the tech industry for headline Austin office space. Renewals and consolidations by mature tech firms in popular suburban submarkets comprised much of the Q2 leasing activity
- The availability of large contiguous blocks of available office space remain elusive.
- The upward trajectory of Austin’s asking rents has gone uninterrupted as the market’s population continues to grow and new product fails to meet demand
Please click here to download the 2016 Q2 Savills Studley Austin Report, as well as a national report and reports for each of the 29 major U.S. markets.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.