Austin office market remains resilient as leasing pulls back from previous quarter

The Austin office market saw a slight quarter over quarter decrease in leasing for Q2 2024. However, despite this decrease, leasing in the first half of 2024 is up approximately 32% compared to the first half of 2023. While the majority of the deals signed were under 10,000 square feet (sf), there were several larger deals signed in Q2 2024, including Visa renewing for 176,883 sf at 12301 Research Boulevard and Fuse Workspace signing for 32,942 sf at 2105 E Martin Luther King Jr. Boulevard. The Northwest submarket saw the highest amount of leasing activity, which accounted for approximately 38% of the 0.9 million square feet (msf) in total leasing activity in Q2 2024. Despite demand being up in the first half of 2024, leasing activity continues to lag pre-pandemic figures. The slowdown in leasing from the technology sector continues to place downward pressure on overall office space demand.

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