After much debate about the future of office space post covid, including some doom saying about the trend or work from home, office space is in high demand in downtown Austin.
Of course, the trend toward remote working was accelerated by the shutdown. Of course, the shutdown exacerbated the poor economy in some places. The same phenomenon, however, accelerated the trends of tech growth and migration to Texas.
The silicon hills continued construction and high tech startups and behemoths alike continued making plans to move in. Elon Musk, fed up with California’s strictures, purchased a large chunk of land in East Austin. Rumor has it that not one but two companies of his will be relocating here.
While it might be a short while until the contraction from wfm is balanced by economic growth in other markets, in Austin all trends are upward. Downtown Austin continues to see mixed use towers built with dizzying magnitude. Valuations are skyrocketing around the metro area. Most rich ,however, is that now some downtown office rents top those of Manhattan.
Colliers reported during the end of 2020 on Austin office space. Read it here.
The Austin American Statesman addressed this issue just a few days ago. Read it here.
CBRE gives a more numerical report. Demand is on the upswing, but there is still availability. Read it here.