2024 leasing activity outpaces prior year, as demand holds firm

Office space demand continues to be resilient in the Austin office market with 1.2 million square feet (msf) of leasing activity in Q4 2024. Led by Action Behavior Centers leasing 93,000 square feet (sf), as well as the U.S Money Reserve leasing 59,000 sf, total leasing activity in 2024 of over 4.4 msf is an increase of 18.7% from the 3.7 msf reported in 2023. Availability remains elevated at 28.0%, an increase of 30 basis points (bps) year over year. While construction starts have halted, the under-construction pipeline remains elevated with over 2.0 msf. Given this construction pipeline, availability is expected to remain high, as new space comes to market.

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