{"id":18763,"date":"2018-11-15T19:33:38","date_gmt":"2018-11-15T16:33:38","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=18763"},"modified":"2026-04-07T12:46:48","modified_gmt":"2026-04-07T09:46:48","slug":"austin-office-market-americas-recession-proof-success-model","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/austin-office-market-americas-recession-proof-success-model\/","title":{"rendered":"Is The Austin Office Market America&#8217;s Recession-Proof Success Model?"},"content":{"rendered":"<h5>Executive Summary:<\/h5>\n<ul>\n<li><a href=\"#austinthroughrecession\">Revisit 20 years of market performance &#8211; more investors flocked to Austin office assets after the crash of &#8217;08;<\/a><\/li>\n<li><a href=\"#austinbuyerssellersowners\">Biggest current owners include major dealers in Austin office property and tech moguls;<\/a><\/li>\n<li><a href=\"#austinofficebuildingboom\">Austin\u2019s last office building boom ended in 2002, the same year that marked the beginning of the age of sustainable design;<\/a><\/li>\n<li><a href=\"#austintechrealestategrowth\">Is Silicon Hills\u2019 High-Tech Society Shaping Texas\u2019 Second Mega-Metro?<\/a><\/li>\n<\/ul>\n<p>It\u2019s hardly news anymore that Austin has earned its place on the Silicon map of America, along with Silicon Valley and the Silicon Forest. Being the Texas state capital and home to a major research university, Austin was prime territory for the growth of its bustling tech scene, which is only one of the many innovative faces of the Austin spirit. Whole Foods started in Austin in 1980 with one small store, and now operates over 360 stores worldwide; Keller Williams grew from a single office in Austin in the early 1980s. Tech-related revenue generated for the state of Texas by Austin companies is <a href=\"https:\/\/www.austinrelocationguide.com\/Major-Employers-and-Top-Companies-in-Austin\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">second<\/a>\u00a0only to DFW, and this town is also the \u201cLive Music Capital of the World.\u201d This quintessentially austinite diversity in innovation fueled the city\u2019s impressive growth over the past two decades and may have been key to the office market\u2019s relatively quick recovery following the 2008 financial crash.<\/p>\n<p>Read on to see how the\u00a0<a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/austin\/\" target=\"_blank\" rel=\"noopener noreferrer\">Austin office market<\/a>\u00a0weathered the storm, which local office assets commanded the highest prices, who were the most active investors\u00a0<a href=\"https:\/\/www.commercialcafe.com\/blog\/10-years-recession-us-office-investment-bubbling\/\" target=\"_blank\" rel=\"noopener noreferrer\">before and after the recession<\/a>, as well as how big brand names in tech are shaping the region\u2019s future.<\/p>\n<h4 id=\"austinthroughrecession\">20 Years Of Austin Office Investment \u2013 2007 Was Wild, 2015 Was Great<\/h4>\n<p>Investment in Austin office property surpassed the $1B mark for the first time in 2007, when sales peaked at $1.6 billion right before the financial crash and recession hit. At the close of 2009, there was nowhere to go but up. The market bottomed out that year, with only $80 million in four sales.<\/p>\n<p>Over the following three years, investment activity picked up significant steam\u2014the Austin office market wrapped up 2012 with just over $741 million in sales, which was a nine-fold increase compared to 2009 numbers. Austin was quick to recover, and totals held above $1B in yearly office sales for five consecutive years after that, from 2013 through 2017.<\/p>\n<div class=\"infogram-embed\" data-id=\"0c364c0c-7b62-4239-a90b-8b4ea6b7b4c1\" data-type=\"interactive\" data-title=\"1997 - 2018 Austin Sales Volume\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Upon analyzing the top 10 sales of the decade preceding and of the decade following the financial crash, two things stand out right away: that 2007 was strikingly different from the rest, and that sales trends since the recession show increased investor confidence in the Austin office market.<\/p>\n<p>The largest Austin office sale of the past 20 years was recorded in 2007. A joint venture\u00a0<a href=\"https:\/\/www.bizjournals.com\/austin\/stories\/2008\/09\/29\/daily35.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">led by<\/a>\u00a0Thomas Properties Group &#8211; now Parkway Properties &#8211; paid Blackstone\u2019s then recently acquired Equity Office trust $1.15 billion for a 10-property portfolio. The five assets located in the city\u2019s central business district\u00a0<em><a href=\"http:\/\/www.crenews.com\/general_news\/general\/thomas-properties-team-buying-equity-offices-austin-texas-properties.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reportedly<\/a><\/em> encompassed over half of Austin\u2019s Class A office space at the time. The portfolio deal accounted for 71% of total Austin office sales that year and was bigger than the other nine transactions in the top 10 sales between 1997 and 2007, combined.<\/p>\n<div class=\"infogram-embed\" data-id=\"1aa2cfdf-b87f-435b-a27e-c00638fea7d4\" data-type=\"interactive\" data-title=\"Top 10 Sales by Decade\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>The Austin office market attracted consistently higher investment after the recession. Leaving out the outliers ranking in first place, the average office deal price tag grew from roughly $118 million between 1997 and 2007 to about $226 million from 2008 onward. As the price per square foot steadily increased, more single-asset deals than portfolios climbed among the top 10 office sales in the decade following the financial crisis.<\/p>\n<p>Post-recession, the market peaked in 2015, when yearly office sales reached nearly $2 billion. Two of the sales closed in 2015 rank among the 10 largest office deals of the decade. Accesso Partners, formerly Beacon Investment Properties, a Florida-based company, entered the Austin market with the purchase of\u00a0Riata Corporate Park\u00a0in\u00a0<a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/austin\/northwest-austin\/\" target=\"_blank\" rel=\"noopener noreferrer\">Northwest Austin<\/a>,\u00a0<a href=\"https:\/\/www.bizjournals.com\/austin\/blog\/real-estate\/2015\/11\/florida-investor-plunks-down-millions-for-huge.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">followed<\/a>\u00a0by the acquisition of the even larger\u00a07700 Parmer, in what remained the biggest transaction of the year.\u00a0 The massive 913,000-square-foot campus was home to high-profile tenants including Google, Oracle, eBay, PayPal, and Polycom at the time of the sale.<\/p>\n<h4 id=\"austinbuyerssellersowners\">Major Dealers In Austin Office Property: Top Buyers, Top Sellers, Biggest Current Owners<\/h4>\n<p><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener noreferrer\">Chicago<\/a>-based\u00a0Equity Office Properties\u00a0Trust\u00a0(EOP)\u00a0&#8211;\u00a0<a href=\"https:\/\/www.reuters.com\/article\/us-usa-property-equityoffice\/equity-office-embraces-flexible-workspace-adopts-eq-office-name-idUSKBN1JG1UZ\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><i>recently renamed\u00a0<\/i><i>\u201c<\/i><i>EQ Office<\/i><\/a><i>\u201d<\/i>\u00a0&#8211;\u00a0bought\u00a0$486 million worth of\u00a0Austin office\u00a0assets between 1997 and 2007, ranking high among the top 10 buyers on the market during that decade.\u00a0EQ was\u00a0<a href=\"https:\/\/www.nytimes.com\/2007\/02\/10\/business\/10real.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">famously<\/a>\u00a0acquired by Blackstone in 2007, after a bidding war with Vornado Property Trust. Blackstone immediately began dismantling\u00a0the highly coveted office portfolio that had been\u00a0assembled\u00a0by EQ. Before the close of 2007,\u00a0$1.2\u00a0billion\u00a0worth\u00a0of EQ-owned office assets were sold on the Austin office market, and an additional\u00a0$300 million-worth were unloaded since. This activity put EQ Office among the top 10 sellers on the market, both before and after the crash of\u00a0\u201908.<\/p>\n<p>The biggest sale among EQ Office\u2019s Austin assets\u00a0was the\u00a02007 $1.15 billion, 10-property portfolio deal that still ranks above all other price tags in the market\u2019s history. It propelled\u00a0Institutional pension fund\u00a0CalSTRS, along with venture partner Thomas Properties Group,\u00a0in the\u00a0number one spot\u00a0of the \u201ctop buyers of the decade\u201d list.\u00a0In subsequent years, assets and ownership stakes in the portfolio changed hands in various combinations. Most notably, Thomas P.G. and\u00a0CalSTRS\u00a0<a href=\"https:\/\/www.reuters.com\/article\/us-thomasproperties-lehman\/thomas-properties-buys-out-lehman-stake-in-austin-buildings-idUSBRE88I1B520120919\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">bought out<\/a>\u00a0the Lehman Brothers stake in 2012, for $859 million.\u00a0In 2014, Thomas Properties Group merged with \u2013 and is now referred to as \u2013 Parkway Properties. Neither feature among the top 10 buyers or sellers of Austin property in the past two decades.\u00a0CalSTRS\u00a0was the\u00a0second biggest seller of office investment property during the decade following the financial crash, but still holds enough property to\u00a0rank\u00a0as the seventh largest owner of Austin real estate.<\/p>\n<div class=\"infogram-embed\" data-id=\"6fc3360f-c2d3-4027-8736-cb2e2e26b0f5\" data-type=\"interactive\" data-title=\"Top Players in Austin - 1997-2018\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Cousins Properties was\u00a0the\u00a0second-biggest seller\u00a0between\u00a01997\u00a0and\u00a02007. The two biggest deals closed by Cousins were the sale of two\u00a0Research Park Plaza buildings for\u00a0$79 million in 2004, and the sale of\u00a0<a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/tx\/austin\/frost-bank-tower\/\" target=\"_blank\" rel=\"noopener noreferrer\">Austin\u2019s iconic Frost Bank Tower<\/a>\u00a0in 2006, for $188 million\u2014 both to EQ Office. According to transactions recorded\u00a0since\u00a02008, Cousins was the largest buyer of office property in\u00a0Austin and\u00a0is\u00a0currently\u00a0the\u00a0third-biggest owner by square footage.<\/p>\n<p>Brandywine Realty Trust currently owns Austin properties encompassing nearly 2.7 million square\u00a0feet and\u00a0is the second-biggest owner of Austin office property by square footage. The trust has consistently ranked among the top 10 players on the Austin office market during the past decade; since 2008 it was the fifth-biggest buyer and the number one seller.<\/p>\n<p>Of course, Austin being Austin, the top landlord in town is\u00a0<em>not\u00a0<\/em>a high-profile real estate investment company. Owning over 2.7 million square feet of office space \u2013 2.1 million of which is just its Round Rock headquarters\u00a0\u2013 Dell computer company is number one on that list. Four other names stand out among the top 40 office property owners by square footage in Austin: National Instruments, Apple, Oracle, and Intel.<\/p>\n<div class=\"infogram-embed\" data-id=\"de658e59-ef77-431c-9329-23d6bb31f25c\" data-type=\"interactive\" data-title=\"Top 40 Office Real Estate Owners in Austin\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4 id=\"austinofficebuildingboom\">Austin&#8217;s Last Office Building Boom Was In 2001<\/h4>\n<p>It\u2019s been\u00a017 years\u00a0since the city has had a veritable\u00a0building\u00a0boom\u00a0in the office sector.\u00a0Construction trends going back to 1997 show\u00a0significantly\u00a0more activity in the years before the crash\u00a0than\u00a0there has been since. Over 16 million square feet of new office space was\u00a0brought\u00a0to the Austin market between 1998 and 2002, in properties 50,000 square feet or larger.<\/p>\n<p>Development intensified notably in 1999, when 23 properties comprising just over 3.6 million square feet of space were delivered\u2014a\u00a0146% increase compared to the\u00a0year before. Austin developers upped their game in 2000, delivering 20 new properties totaling over 3.7 million square feet of new space to the market.\u00a02001 marked the end of Austin\u2019s last office building boom with a bang: 34 new office properties encompassing nearly 6 million square feet\u00a0were completed that year.<\/p>\n<p>Office development hit the\u00a0brakes\u00a0after those three intense years, and the market has not seen yearly additions of that level since. That is not to say the market has not fared well. Records show construction cycles have held relatively steady since 2002, with the office pipeline averaging roughly 1.3 million square feet of deliveries per year.<\/p>\n<div class=\"infogram-embed\" data-id=\"c18a6daa-fc1c-4dc8-b95b-004f1e373d15\" data-type=\"interactive\" data-title=\"Office Construction Data - 1997 - 2018\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4>91% Of New Austin Office Space Is Green<\/h4>\n<p>The benefits of sustainable building have not been lost on local developers, tenants, or investors, in recent years. Though not much can be said for the few projects completed from 2011 to 2013, the past five years have seen significant improvement. Of the 9.6 million square feet of new office space completed in Austin since 2014, more than half is LEED certified, proposed for LEED certification, has an EPA Energy Star rating, or was awarded a different type of established green label.<\/p>\n<p>Roughly 75% of space brought to market in 2016 was green, followed by 65% of office completions in 2017. Nearly 1.8 million square feet of new office space was already delivered in Austin since the start of this year, 1.6 million of which is green. In fact, 91% of new office space completed this year is considered sustainable. Since 2004, Austin has boasted a\u00a0<a href=\"https:\/\/www.copper.org\/environment\/green\/casestudies\/austin.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">LEED Gold-certified city hall building<\/a>, has had\u00a0<a href=\"http:\/\/www.austintexas.gov\/blog\/sustainability-action-agenda-austin-energy-green-building-rating-system-encourages-sustainable-design\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">its own green building rating system<\/a>\u00a0for over 20 years, and continues to demonstrate strong commitment to responsible and sustainable design by favoring buildings that are healthy, safe, that reduce the urban heat island effect, make efficient use of energy and water, and protect water quality.<\/p>\n<div class=\"infogram-embed\" data-id=\"090b6377-b398-4c18-9810-81a77cde52c8\" data-type=\"interactive\" data-title=\"Austin Green Office Construction 2014 to 2018\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4 id=\"austintechrealestategrowth\">Is Silicon Hills\u2019 High-Tech Society Shaping Texas\u2019 Second Mega-Metro?<\/h4>\n<p>State demographers\u00a0<a href=\"https:\/\/www.lawnstarter.com\/san-antonio-lawn-care\/what-will-austin-san-antonio-corridor-look-like-2030\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">expect<\/a>\u00a0that by 2030 the Austin \u2013 San Antonio corridor will have densified sufficiently to begin morphing into the state\u2019s second mega-metro. Combining Austin\u2019s technology talent factory with San Antonio\u2019s bustling military, biosciences and healthcare industries will likely result in a regional economy that will be hard to match. Austin is also one of the country\u2019s fastest-growing metros, welcoming roughly\u00a0<a href=\"https:\/\/www.bizjournals.com\/austin\/news\/2018\/03\/22\/austins-population-keeps-popping-heres-how-many.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">150 new people every day<\/a>. Though current housing construction does not quite keep up with demand,\u00a0<a href=\"https:\/\/www.commercialcafe.com\/blog\/study-development-vacant-land-major-us-cbd\/\" target=\"_blank\" rel=\"noopener noreferrer\">Austin ranks third in the country for amount of vacant land in the urban core<\/a>, so there is plenty of room to adjust.\u00a0<em><a href=\"https:\/\/www.forbes.com\/2009\/05\/11\/best-cities-jobs-employment-opinions-columnists-austin-texas.html#4da313d4179b\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Forbes<\/a><\/em>\u00a0noted in 2009 how the region\u2019s business-friendly economic environment, its attractive urban area, affordability and livability \u2013 just to name a few advantages \u2013 make the metro virtually recession-proof. The article also quoted a Brookings report which found that Austin saw a 34% overall job growth from 1998 through 2006.<\/p>\n<p>Jobs in tech sectors still abound\u2014in fact,\u00a0<a href=\"https:\/\/www.austinrelocationguide.com\/Major-Employers-and-Top-Companies-in-Austin\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">12 of the 25 biggest employers in Austin<\/a>\u00a0are technology companies. Dell is the city\u2019s biggest private employer, surpassed only by the Austin Independent School District and the City of Austin itself. IBM\u2019s Austin operations are the second-largest tech employer in town, followed by Amazon, Apple, AT&amp;T operations &#8211; the company is headquartered in neighboring San Antonio &#8211; as well as the global corporation National Instruments, which is headquartered in Austin.<\/p>\n<p>According to BLS data, 20,000 new jobs were created in the tech sector in Austin from 2007 to 2017 in computer and mathematical occupations alone, marking a 50% increase over 10 years. At the same time, the city-proper population grew from 756,000 to 950,000. Based on current growth trends, the tech labor pool will increase by another 46% through 2028, with the overall population\u00a0<a href=\"https:\/\/www.bizjournals.com\/austin\/news\/2015\/01\/26\/no-matter-how-you-slice-it-austin-set-for-huge.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">estimated<\/a>\u00a0to reach at least 2 million across the metro.<\/p>\n<div class=\"infogram-embed\" data-id=\"e2e91c74-fbee-4de4-80c8-a3fd42a842be\" data-type=\"interactive\" data-title=\"2007-2028 Growth of Tech Employment in Austin\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h5>Methodology<\/h5>\n<p>Our study on the evolution of the Austin office market over the past 20 years was compiled starting from\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix<\/a>\u00a0data. We analyzed Austin\u00a0<strong>sales recorded up until October 10<sup>th<\/sup>, 2018<\/strong>, in which completed office properties at least 50,000 square feet in size traded for a minimum of $5 million per transaction. In the case of mixed-use office buildings, we only considered data regarding properties that are at least 50% office space. Distressed sales were not included. Portfolio deals were counted as a single transaction, and we only factored in portfolios that include properties located within the Austin market. Yearly sales volume totals include ownership stake, controlling interest and remaining interest deals, depending on the case.<\/p>\n<p>For 2014 to 2018 construction totals, we looked at properties that are at least 50,000 square feet in size, encompass at least 50% office space, and were completed within the Austin office market up to October 10<sup>th<\/sup>, 2018. The green office space shown includes properties that are both certified and proposed for green certification (LEED, EnergyStar, and other certifications). \u201cGreen Share SqFt\u201d represents the share of green square footage out of the total square footage of new properties built each year.<\/p>\n<p><em>Data on employment growth was based on BLS information regarding \u201cComputer and Mathematical Occupations\u201d (BLS group code: OCC_CODE: 15-0000).\u00a0Tech Employment forecast through 2028 was calculated using\u00a0<a href=\"https:\/\/support.office.com\/en-us\/article\/forecast-function-50ca49c9-7b40-4892-94e4-7ad38bbeda99\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Microsoft Excel\u2019s forecast function<\/a>.\u00a0Forecast function definition: The FORECAST(x, known_y\u2019s,known_x\u2019s) function returns the predicted value of the dependent variable (represented in the data by known_y\u2019s) for the specific value, x, of the independent variable (represented in the data by known_x\u2019s) by using a best fit (least squares) linear regression to predict y values from x values. In our case the known y\u2019s= 2007-2017 yearly values &amp; known_x\u2019s = yearly number of employees in the \u2018Computer and Mathematical Occupations\u2019\u00a0 sector. Based on the known values, we can forecast the future x values based on linear regression, but this, of course, assumes that future growth will be fairly similar to past growth.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive Summary: Revisit 20 years of market performance &#8211; more investors flocked to Austin office assets after the crash of &#8217;08; Biggest current owners include major dealers in Austin office property and tech moguls; Austin\u2019s last office building boom ended in 2002, the same year that marked the beginning of the age of sustainable design;&hellip;<\/p>\n","protected":false},"author":48,"featured_media":19002,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[38,39],"tags":[],"class_list":["post-18763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is The Austin Office Market America&#039;s Recession-Proof Success Model? - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Austin&#039;s office market has defied national downturns. Find out what makes the Texas capital one of America&#039;s most resilient and fastest-growing CRE markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/austin-office-market-americas-recession-proof-success-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is The Austin Office Market America&#039;s Recession-Proof Success Model?\" \/>\n<meta property=\"og:description\" content=\"Austin&#039;s office market has defied national downturns. 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