TAKEAWAYS

• The overall asking rental rate rose moderately in the first quarter of 2022 to $45.55 per square foot, an increase of 1.6% from the previous year, as rents are expected to increase in 2022
• With the technology sector driving much of the leasing activity in the Austin office market, the availability rate has decreased 100 basis points over last quarter to 19.9% and will continue to decrease this year
• According to Kastle Systems, Austin’s 58.3% office utilization rate in early March was much higher than the national average of 40.5%and is expected to remain above the national average moving forward

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