Savills Studley Releases Q1 2016 Findings for Austin
Landlord-favorable market means tough conditions for companies looking to grow
Austin, TX (May 6, 2016)
Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q1 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 Q1 Studley Austin Report include:
- While rental rates and occupancy are near an all-time-high, a drop in leasing volume may hint at decelerated growth for 2016
- Conditions remain favorable to landlords, making it more difficult for growing companies to find space
- Short-term leases are now extremely uncommon—most companies must sign 5- to 10-year leases when securing office space
- Investment sales of buildings are driving tax assessments up; these costs are being passed on to the tenant in the form of higher rents
- In many cases, sublease space now almost as expensive as direct leases from landlords
- New companies and startups will face stricter leasing requirements as landlords can be choosier in which companies they lease space to
Please click here to download the 2016 Q1 Savills Studley Austin Report, as well as a national report and reports for each of the 26 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.