Paloma Ridge is a 211,000-square-foot class-A office campus comprised of two buildings.
AUSTIN, TX—The office market is benefiting from remarkable growth among both tech heavyweights and a myriad of startups. An analysis of the top 10 tech companies in Austin shows that these firms own or lease approximately 6 million square feet or nearly 10% of the market. For the time being, the outsized and growing presence of these firms is creating very tight market conditions, according to a second quarter office report by Savills Studley.
“Top tech firms in Austin are taking different routes to secure additional space for their growing workforces. Some are expanding on corporate campuses, others are making aggressive moves on future development sites. In general, the competition for space is becoming as fierce as the battle for talent,” said Brad Hauser, research director of Savills Studley.
Indeed, firms are going the extra mile to claim space. For example, most recently, one property became re-stabilized with more than 65,000 square feet of new leased space.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
