TAKEAWAYS

• The overall average asking rental rate in the Austin office market increased from last quarter to $44.95 per square foot (psf) but this is down from $45.23 psf reported a year ago.
• The Austin office market now has over 5.9 million square foot (msf) of office space under construction, of which 41% has now been pre-leased.
• Leasing activity slows to 1.2 msf, down from 1.5 msf reported a year ago as the correction in the overall technology sector continues to adversely affect both large conglomerates and smaller startups.

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