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Q1 Deal Making Crosses Off 324,000 SF

AUSTIN-The sublease tally for the first quarter is nearly twice that of a year ago, says Buls Hodge Consulting. The big run has been on data center space. Despite the wins, vacancy is still 26% for direct and sublease space.

By Beverly Ford | Updated on March 19, 2003

AUSTIN-Sublease office space, especially that with high-tech infrastructure, is disappearing at a rapid rate in Austin as tenants take advantage of lower lease rates to upgrade their accommodations.

In the first three months of 2003, 324,000 sf of sublease space has been filled in Austin, more than twice as much as that taken for that same time period just one year earlier. “There’s a big run on data center space,” Michael Buls with Buls Hodge Consulting in Austin, tells GlobeSt.com. “A lot of high-tech firms left their equipment and furniture and those are the first subleases to disappear. As rates continue to decline, major blocks of space with significant infrastructure are getting leased up or taken off the market.”

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