Austin has had 42 properties exchanged in 2021 — approximately almost 80% of the number of deals completed last year.
Over 1.2 million square feet of office space has started in the city with a total of 7.5 million square feet to be added over the next two years.
“One of the most significant deals this year, Trammell Crow entered in a definitive agreement Kilroy Realty Corp. regarding the off-market sale of the recently completed Indeed Tower in Austin’s CBD,” CommercialSearch.com stated.
Additionally, there has been close to $1 billion worth of transactions so far this year, as compared to $2 billion in all of 2019, The Texas Real Estate Research Center reported.
The average asking rents are $43.54 per square foot in July.
Of the 50 largest markets covered by CommercialEdge, only seven have office-using employment levels above what they were pre-pandemic which includes Austin at 4.5%, according to its July 2021 report.