Office availability increases to historic high as more projects in the development pipeline

In Q3 2023, the total availability rate in the Austin office market increased to 28.3%. This was an increase of 110 basis points (bps) from 27.2% reported last quarter, as well as an increase of 750 bps from 20.8% reported a year ago. Class A availability of 33.1% was an increase of 80 bps from 32.3% reported last quarter, as well as a sharp increase from availability of 21.1% reported a year ago. Led by a slowdown in leasing from the technology sector and more speculative projects delivered to the market unleased, the current office availability is nowI at a new historic high.

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