Despite ongoing pandemic shutdown, overall rents rose through Q3 2020

In the third quarter of 2020, the average office asking rent stood at $39.40 per square foot (psf) in the Austin market, reflecting an annual (5.3%) increase and a quarterly (-0.6%) decrease. Rents ranged from a low of $12.86 psf in Hays County to $55.13 psf in the Central Business District (CBD). Class A rents in the region increased by 1.6% over the quarter and 5.8% over the year, to $43.62 psf. CBD and suburban rents increased by 1.5% and 4.2% to $55.13 psf and $36.33, respectively, year over year. Over the last year, rent increases were observed in the Central (+6.6%), Southeast (+6.0%), North (+4.8%), Southwest (+3.2%), West Central (+3.1%), and CBD (+1.5%) submarkets, while the East (-10.5%), Round Rock (-6.9%), and Northeast (-4.2%) saw rent declines.

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