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Follow on Google News | Q3 2015 Austin Office Market Research & Forecast ReportCitywide positive net absorption reaches all time high in the nation’s fastest growing city
By: Colliers International Class A rental rates in Austin’s CBD increased by 7.5% over the quarter - a sign that despite the seemingly endless new construction, the demand for office space in the CBD is not slowing down. Four buildings totaling 463,502 square feet delivered in the third quarter, and just under two million square feet of office space is currently under construction. Of that two million, 1,002,050 square feet is scheduled to deliver in Q4 2015. Projects delivered in Q3 include Rollingwood Center Buildings 1 & 2 in southwest Austin. The citywide average rental rate increased slightly by 0.46% from $30.16 per SF to $30.30 per SF over the quarter. The average CBD Class A rental rate increased dramatically by 7.5% over the quarter from $41.50 to $44.60. Suburban submarkets also saw an increase in rental rates as the average Class A suburban rental rate increased from $33.43 per square foot to $33.85 per square foot over the quarter. According to the Texas Workforce Commission, Texas’ unemployment rate of 4.4% is among the lowest that the state has ever seen. In the state’s capital city, unemployment was at a mere 2.8% at the end of the third quarter 2015, 100 basis points lower than it was last year. End
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