Marcus & Millichap

Austin Local Office Report

Second Quarter 2019

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Businesses Looking Toward the Suburbs; Population Growth to Lead the Nation This Year

Suburban office space gaining momentum as downtown Austin faces challenges. A rapidly expanding populace and strong employment growth continue to support the Austin office market. While the core boasts a plethora of office space, high-priced housing and traffic congestion have pushed many business professionals out of downtown. Employers including Apple and Amazon having taken note of this, setting up shop in Northwest Austin where workers can find more affordable dwellings and dramatically shorten their commutes. Demand for suburban office space will keep pushing rents higher throughout the year, particularly as more suburban employment hubs are established. Suburbs like Cedar Park, Kyle and Manor are gaining residents at a quick pace, enticing more businesses to the area and driving office demand.

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