Austin Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $45.96 2024 Avg. Asking Rent
  • 28.36% 2024 Office Vacancy Rate
  • $814.8M2024 Total Office Sales
  • $403.28Avg. Sale Price/SF

Austin office price per square foot in 2024 was $45.96 on average. The local office market recorded an average vacancy rate of 28.36% across all asset classes combined. The 17 transactions that closed here throughout 2024 amounted to a total sale volume of $814.8M. Austin office space commanded an average sale price per square foot of $403.28.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Austin Class A & A+ Office Space$51.81
  • Austin Class B Office Space$35.85
  • Austin Class C Office Space$28.69
  • Texas Class A & A+ Office Space$38.26
  • Texas Class B Office Space$24.71
  • Texas Class C Office Space$19.84

Austin, TX Office Asking Rents by Class

Average office rent in Austin rested at $45.96 per square foot in 2024. 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 $51.81 per square foot. Across all submarkets, class B office space recorded an average asking rent of $35.85 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $28.69 per square foot, on average. Comparably, statewide Texas average office rents by class in 2024 were: $38.26 per square foot for class A office space; $24.71 per square foot for class B office space; $19.84 per square foot for class C office space.

2024 Office Vacancy Rates in Austin

Submarket Asking Rents Vacancy Rates
East $59.66 35.03%
Downtown $58.56 36.06%
West Central $47.88 10.24%
South $45.38 30.29%
Southwest $41.39 17.42%
North $40.37 17.12%
Northwest $38.79 33.08%
Cedar Park $38.34 24.86%
Central $35.15 24.84%
Southeast $34.62 10.61%
Northeast $30.06 48.55%
Round Rock $29.89 8.84%
Hays County $25.26 15.07%
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 28.36% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Austin was 8.84% in the Round Rock submarket, while the highest office vacancy in the market was 48.55%, recorded in Northeast.

Austin Office Sale Price per SF

  • $403.282024 Avg. Price per SF
  • 32.96%Y-o-Y Avg. PpSF Change
  • $814.8M2024 Office Sales Volume
  • 172024 Number of Transactions

Austin, TX Sale Price per SF Trend

  • Austin Avg. Sale Price per SF in 2024$403.28
  • Texas Avg. Sale Price per SF in 2024$150.73
Austin office space cost in 2024 marked a +32.96% change compared to the previous year. The sale price for office space in Austin averaged $403.28 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $150.73 per square foot.

2024 Office Sales Volume

  • Austin, TX Total Office Sales Volume in 2024 $814.8M
  • Austin, TX Total Number of Office Sales Closed in 2024 17
A total of 17 deals closed on the Austin office market in 2024, adding up to a yearly sales volume of $814.8M. Notably, the largest transaction on the market saw Block 185 change hands for $521,800,000 on 12/11/2024.

Largest Austin Office Sales in 2024

Property name Address Date Price
Block 185 601 West 2nd Street 12/11/2024 $521,800,000
2400 & 2410 Grove Blvd 2400 Grove Blvd 3/22/2024 $87,000,000
Lakewood on the Park B & C 7600 North Capital of Texas Hwy 8/19/2024 $18,500,000
3011 North Interstate 35 3011 North Interstate 35 3/5/2024 $4,295,858
4916 North Interstate 35 4916 North Interstate 35 10/7/2024 $2,070,935
Data provided by Commercial Edge

Coworking Spaces in Texas

2024 Office Construction in Austin, TX

  • Austin, TX Total SF completed in 2024 2,073,755
  • Austin, TX Total SF under construction in 2025 1,882,609

During 2024, 2,073,755 square feet of new office space were delivered across the market. At the close of 2024, the Austin office inventory included 11 buildings equal to or larger than 25,000 square feet, which comprised 2,073,755 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 1,882,609 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 West 4th Street, 78701 833,145 2025
The Bouldin 1301 South Lamar Blvd, 78704 133,867 2025
Alto 924 East 7th Street, 78702 108,855 2025
9500 West Parmer Lane - Building 2 9500 West Parmer Lane, 78717 46,250 2025
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
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

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 833,145 square feet.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.