Austin is set to be the largest projected office market expansion this year, with an estimated 10 million square feet of new space under construction.
Research from CommercialCafe outlining the state of the 2022 office pipeline in the first quarter reveals that the Texas hub – which has benefited from strong in-migration trends throughout the pandemic – has the largest share of new supply among all markets tracked by CommercialEdge analysts, at 11.65% of existing stock. The city has the third-largest pipeline of new office properties behind Boston and New York.
Aside from New York City, Austin was also the only city to have multiple properties in CommercialEdge's top 20 list. The largest of the two is the nearly-1-million-square-foot Phase One of Apple's West Parmer Lane Campus, while the second is 601 W. Second St., Block 185, a 590 foot skyscraper in the city's downtown.
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