There is a "second wave" of sublease office space in the Austin office market, mainly due to the correction in the technology sector as many tech firms look to cut costs by giving back unused office space in the form of subleases. However, the sublease absorption is 2-3 times larger than pre-COVID level reaching over 0.7 msf in the past quarters.
Savills Pulse & Perspectives: Workplace
Tech companies fall into one of two categories: those that are creating workplaces for a desired future state, or those designing environments to accommodate current behaviors. While these are different approaches, they both reflect the tech industry’s penchant for letting individual company cultures guide workplace strategy versus adopting a cookie cutter approach sector-wide.”
- Johanna Rodriguez
Senior Managing Director, Occupant Experience