July 11, 2009
Found OfficeLeaseSpace.com by way of an article by Joe Simmons in “Business District” magazine. They have a chart where rent is rising and occupancy is falling in Austin since 2007:
Office Lease Space, Lease Office Space in Austin, TX
The vacancy rate in Austin is hitting 19% and rising. Meanwhile, rental rates are dropping with free rent concessions being the norm. Although the quoted average rate within the Class A sector is approximately $28 per square foot, we believe actual lease rates are currently negotiating at a much lower amount.
With more people fleeing California, I suppose that trend could reverse. But look at this, Texas feels the pain just the same:
Credit crunch, economy pounding plans for new office space in Dallas-Fort Worth | News for Dallas, Texas | Dallas Morning News | Dallas Business News
And so far this year, D-FW tenants have moved out of more office space than they have rented
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