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Austin Commerical Space Demand, Jobs and Top Multi-Tenant Office Parks

Austin Business Journal October 15-21, 2021 ppA12 |Office Snapshot|”Austin Leads Nation in Sublease Shrinkage” ppA8|Jobs|”Austin Metro Nearing New Jobs Record” ppA14|The List|”Multitenant Office Parks”

The Domain besides shopping has the most multi-tennant workspace at more than three million square feet.

Read the Austin Business Journal for all the details

Summaries offered by 2244

Sublease space demand in Austin

According to CoStar Group, Inc. “Austin has seen the biggest decline in sublease space in the country since the beginning of the year.” Sublease space in Austin is down about 32% to 2.7 million square feet. San Francisco, by comparison a much larger market, is down only about 12% to 9.5 million square feet. These data suggest continuing strong demand for commercial space in Austin.

Jobs in Austin Metro

Through September, 150 companies relocating or expanding in Austin “pledge to create more than 20,000 [20,840] jobs during the first nine months of 2021, nearing the 2020 record [22,114] for pledged jobs numbers.” Tesla alone will add 5,000 jobs at “its $1.1 billion gigafactory in Austin later this year.” Big job additions are especially happening in Austin suburbs, “where local governments are more likely to provide subsidies.”

Multi-Tenant Office Parks

Ranked by total amount of rentable S.F. as of October 2021

Top 10 listed below.

The Domain 3,071,170 S.F. Top Tennants-Facebook, Vrbo, Amazon,

Parmer Innovation Center 1,132,542 3M, Home Depot, Apple, Bright Machines

Broadmoor Austin 1,115,635 IBM, Texas St.Health & Human Services, New York Life, Cisco 7700 Parmer 936,398 Electronic Arts, Ebay/PayPal, Dun & Bradstreet, Polycom

The Summit at Lantana 844,240 AMD, SolarWinds, Newgistics, Thermon

Research Park Plaza 801,852 Visa, Planview, Cadence Design, ZT Systems

Barton Skyway 785,642, Lifesize, JE Dunn, Synopsys Inc.

Riata Corporate Park 687,102 Advisory Board, TMHP, Allergan, Apple, Banker's Toolbox

Amber Oaks 644,846 AECOM, Office Depot, Boon Chapman

The Terrace 624,219 Enverus, Linebarger, Groggan&Blair, Kimley Horn, Bowman&Brook


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