AUSTIN—Rental rates have reached a new high-water mark in the Austin market, according to a new report from Cushman & Wakefield | Oxford Commercial (CWOC).

It's a key finding in the second quarter market report from CWOC, which has been tracking the rental and vacancy rates in the Austin market for more than two decades.

“The Austin office market continues to operate in peak conditions. Office buildings are selling at historic prices, available spaces are quoting historic lease rates and occupancy rates remain higher than ever before,” Melissa Totten, associate vice president with CWOC, says. “New construction continues to dominate the skyline, as many buildings are spoken for, prior to their respective completions.”