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Austin Braces for Q4 Reports

AUSTIN-The reminders of Austin's 2001 office market are evident as the industry braces for the brutal facts in upcoming Q4 reports. Part of the telling is a construction permit drop and along with it, the value from $521.5 million from $568 million.

By Tim Green | Updated on January 02, 2002

AUSTIN-The state of the Austin office market can be seen just by looking at buildings: they seem to have sprouted “For Lease” signs like blooms bursting forth from redbud trees in the spring. Unlike the blossoms, which contribute to a nature lover’s delight, each new leasing sign is a challenge to the others as brokers pitch space to a less-than-dynamic market.

There are more than 3.2 million sf of sublease space available and the amount of sublease flex space has jumped to about 1.3 million sf with the recent addition of 100,000 sf from the Parmer Business Park in the northwest submarket. The total Austin office market consists of about 29 million sf.

Each submarket has felt the impact of thousands of job cuts and slower job growth. The hardest hit, the northwest submarket, seems to have stabilized, accounting for 49% of the city’s sublease space. Now, however, other submarkets have joined the empty space race.

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