Austin Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $41.51 2022 Avg. Asking Rent
  • -3.57% Y-o-Y Avg. Asking Rent Change
  • 22.32% 2022 Office Vacancy Rate
  • $1.1B2022 Total Office Sales
  • $356.97Avg. Sale Price/SF

Austin office price per square foot in 2022 was $41.51 on average. This marked a -3.57% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 22.32% across all asset classes combined. The 36 transactions that closed here throughout 2022 amounted to a total sale volume of $1.1B. Austin office space commanded an average sale price per square foot of $356.97.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Austin Class A & A+ Office Space$48.58
  • Austin Class B Office Space$35.26
  • Austin Class C Office Space$33.07
  • Texas Class A & A+ Office Space$36.30
  • Texas Class B Office Space$24.60
  • Texas Class C Office Space$20.70

Austin, TX Office Asking Rents by Class

Average office rent in Austin rested at $41.51 per square foot in 2022. 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 $48.58 per square foot. Across all submarkets, class B office space recorded an average asking rent of $35.26 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $33.07 per square foot, on average. Comparably, statewide Texas average office rents by class in 2022 were: $36.30 per square foot for class A office space; $24.60 per square foot for class B office space; $20.70 per square foot for class C office space.

2022 Office Vacancy Rates in Austin

Submarket Asking Rents Vacancy Rates
Downtown $58.76 19.64%
South $47.82 43.22%
East $46.34 25.82%
West Central $42.49 14.82%
Cedar Park $38.64 17.26%
Southwest $38.58 20.18%
North $38.44 10.80%
Northwest $37.98 29.82%
Southeast $37.08 10.17%
Round Rock $34.22 5.32%
Central $32.23 11.52%
Hays County $31.44 17.59%
Northeast $29.92 24.49%
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 22.32% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Austin was 5.32% in the Round Rock submarket, while the highest office vacancy in the market was 43.22%, recorded in South.

Office Spaces for Rent in Texas

Austin Office Sale Price per SF

  • $356.972022 Avg. Price per SF
  • -21.93%Y-o-Y Avg. PpSF Change
  • $1.1B2022 Office Sales Volume
  • 362022 Number of Transactions

Austin, TX Sale Price per SF Trend

  • Austin Avg. Sale Price per SF in 2022$356.97
  • Texas Avg. Sale Price per SF in 2022$181.27
Austin office space cost in 2022 marked a -21.93% change compared to the previous year. The sale price for office space in Austin averaged $356.97 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $181.27 per square foot.

2022 Office Sales Volume

  • Austin, TX Total Office Sales Volume in 2022 $1.1B
  • Austin, TX Total Number of Office Sales Closed in 2022 36
A total of 36 deals closed on the Austin office market in 2022, adding up to a yearly sales volume of $1.1B. Notably, the largest transaction on the market saw 1000 Red River Street change hands for $108,000,000 on 10/5/2022.

Largest Austin Office Sales in 2022

Property name Address Date Price
1000 Red River Street 1000 Red River Street 10/5/2022 $108,000,000
Anderson Tower 400 East Anderson Lane 7/28/2022 $13,000,000
Creekside 4001 West Parmer Lane 8/18/2022 $10,000,000
4000 Medical Pkwy 4000 Medical Pkwy 5/11/2022 $6,277,600
Data provided by Commercial Edge

Coworking Spaces in Texas

2022 Office Construction in Austin, TX

  • Austin, TX Total SF completed in 2022 4,068,615
  • Austin, TX Total SF under construction in 2023 4,129,783

During 2022, 4,068,615 square feet of new office space were delivered across the market. At the close of 2022, the Austin office inventory included 16 buildings equal to or larger than 25,000 square feet, which comprised 4,068,615 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 4,129,783 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Austin
Office building Address SF Completed
Sixth and Guadalupe 400 West 6th Street, 78701 599,096 2023
6 X GUADALUPE 400 West 6th Street, 78701 589,662 2023
SYMPHONY SQUARE 1117 Red River Street, 78701 170,000 2023
1301 South Lamar 1301 South Lamar Blvd, 78704 145,000 2023
Uptown ATX Bldg 908 11501 Burnet Road, 78758 144,249 2023
The Offices at Four Points 7710 North FM 620 Road, 78726 129,137 2023
1401 Philomena @ Mueller 1401 Philomena Street, 78723 126,500 2023
T3 ATX Eastside 1200 East 4th Street, 78702 102,200 2023
Victory Plaza on Burnet 5209 Burnet Road, 78756 88,377 2023
1515 1515 East Cesar Chavez Street, 78702 71,632 2023

Worth noting among recent office completions on the Austin market is Sixth and Guadalupe, which is currently the largest new office development in the city, at 599,096 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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.