AUSTIN (Austin Business Journal) — Only six submarkets in the country — all in the San Francisco Bay area — saw rent growth higher than Austin’s Central Business District since 2007, according to CoStar Group Inc.’s Central Texas economist.
Over the last 13 years, Austin saw office rents downtown increase by 80%, Sam Tenenbaum said. In the last year, Austin’s metro saw 5.2% rent growth due to low vacancies and an extremely low unemployment rate hovering around 2.6%.
Largely because of these factors, Austin is currently building the most office space in the country based on percentage of inventory, he told a group of real estate professionals Feb. 12 at Crew Austin and CCIM Central Texas’ fifth annual Real Estate Summit.
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