Austin Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $41.81 2023 Avg. Asking Rent
  • 0.73% Y-o-Y Avg. Asking Rent Change
  • 23.57% 2023 Office Vacancy Rate
  • $567.4M2023 Total Office Sales
  • $299.39Avg. Sale Price/SF

Austin office price per square foot in 2023 was $41.81 on average. This marked a +0.73% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.57% across all asset classes combined. The 18 transactions that closed here throughout 2023 amounted to a total sale volume of $567.4M. Austin office space commanded an average sale price per square foot of $299.39.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Austin Class A & A+ Office Space$49.12
  • Austin Class B Office Space$34.09
  • Austin Class C Office Space$32.32
  • Texas Class A & A+ Office Space$36.17
  • Texas Class B Office Space$24.95
  • Texas Class C Office Space$31.07

Austin, TX Office Asking Rents by Class

Average office rent in Austin rested at $41.81 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Austin averaged $49.12 per square foot. Across all submarkets, class B office space recorded an average asking rent of $34.09 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $32.32 per square foot, on average. Comparably, statewide Texas average office rents by class in 2023 were: $36.17 per square foot for class A office space; $24.95 per square foot for class B office space; $31.07 per square foot for class C office space.

2023 Office Vacancy Rates in Austin

Submarket Asking Rents Vacancy Rates
East $64.61 23.34%
Downtown $61.84 19.88%
South $46.42 27.53%
West Central $40.53 11.29%
Cedar Park $39.33 19.35%
Southwest $39.22 20.52%
Northwest $37.94 37.41%
North $36.13 11.99%
Southeast $35.54 9.09%
Central $35.14 18.34%
Northeast $27.23 28.55%
Round Rock $22.63 3.64%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Austin market was 23.57% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Austin was 3.64% in the Round Rock submarket, while the highest office vacancy in the market was 37.41%, recorded in Northwest.

Office Spaces for Rent in Texas

Austin Office Sale Price per SF

  • $299.392023 Avg. Price per SF
  • -15.80%Y-o-Y Avg. PpSF Change
  • $567.4M2023 Office Sales Volume
  • 182023 Number of Transactions

Austin, TX Sale Price per SF Trend

  • Austin Avg. Sale Price per SF in 2023$299.39
  • Texas Avg. Sale Price per SF in 2023$166.66
Austin office space cost in 2023 marked a -15.80% change compared to the previous year. The sale price for office space in Austin averaged $299.39 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $166.66 per square foot.

2023 Office Sales Volume

  • Austin, TX Total Office Sales Volume in 2023 $567.4M
  • Austin, TX Total Number of Office Sales Closed in 2023 18
A total of 18 deals closed on the Austin office market in 2023, adding up to a yearly sales volume of $567.4M. Notably, the largest transaction on the market saw Fifth & Tillery change hands for $87,000,000 on 8/17/2023.

Largest Austin Office Sales in 2023

Property name Address Date Price
Fifth & Tillery 618 Tillery Street 8/17/2023 $87,000,000
5202 East Ben White Blvd 5202 East Ben White Blvd 12/12/2023 $71,500,000
701 East 5th Street 701 East 5th Street 4/18/2023 $26,000,000
Cameron Center, The 7901 Cameron Road 4/14/2023 $14,400,000
Data provided by Commercial Edge

Coworking Spaces in Texas

2023 Office Construction in Austin, TX

  • Austin, TX Total SF completed in 2023 2,332,382
  • Austin, TX Total SF under construction in 2024 2,491,301

During 2023, 2,332,382 square feet of new office space were delivered across the market. At the close of 2023, the Austin office inventory included 15 buildings equal to or larger than 25,000 square feet, which comprised 2,332,382 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 2,491,301 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Austin
Office building Address SF Completed
The Republic 401 W 4th Street, 78701 800,987 2024
Uptown ATX - One Uptown 11501 Burnet Road, 78758 381,739 2024
Zilker Point 218 South Lamar Blvd, 78704 209,851 2024
Alto 924 East 7th Street, 78702 108,855 2024
9500 West Parmer Lane - Building 1 9500 West Parmer Lane, 78717 33,669 2024
9500 West Parmer Lane - Building 1 9500 West Parmer Lane, 78717 33,669 2024
502 West 15th Street 502 West 15th Street, 78701 30,000 2024
Inf1nity Views 809 East 8th Street, 78702 24,116 2024
3423 Bee Cave Rd 3423 Bee Cave Rd, 78746 23,439 2024
Parkside at Mueller - For Sale Ground-Floor Commercial Condo Units 1808 Aldrich St, 78723 22,191 2024

Worth noting among recent office completions on the Austin market is The Republic, which is currently the largest new office development in the city, at 800,987 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Austin commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.