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Market Report

Austin Office Market Report

4Q 2022

Strong Population and Job Growth in Austin
Continue to Lure Employers and Developers 

Leasing activity is building momentum. The metro's deep talent pool, strong population growth and lower tax burden relative to other markets is a huge draw for new or expanding employers. In fact, Austin has added roughly 68,000 jobs in traditionally office-using sectors since February 2020, ranking third among all major metros in the nation. Alongside this, office fundamentals have vastly improved in recent quarters. During the trailing 12-month period ending in June, a net of more than 3.1 million square feet was taken off the market, slicing 70 basis points from the metro's vacancy rate. Several companies inked large deals during the second quarter, including AMD, which leased nearly 68,000 square feet at the Met Center Creative Office Park in Southeast Austin. Additionally, PayPal committed to 60,000 square feet at The Domain in North Austin. By year-end, net absorption is projected to eclipse 4 million square feet metrowide, the second-highest annual total on record.

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