Q3 2020 | Austin Office | Research & Forecast Report
COVID-19 pandemic continues to affect the market, but Austin could bounce back quickly
By: Colliers International | Austin
Commentary by Will Nelson | Associate Vice President | Austin
Our "Boots on the Ground" viewpoint is the voice of our experts, who have broken down the market data and compared it to what they are seeing for themselves. This is their take on what the numbers actually mean for the Austin office market.
As the late, great Jim Morrison once sang, "the future's uncertain and the end is always near". As we look over the horizon to the end of 2020, surrounded with unprecedented uncertainty on both a macro and micro level, Jim's enigmatic lyric rings more prophetic than ever. The future remains most definitely uncertain, but only time will tell how near we are to the end of this recession. With the pandemic continuing to march on, and a national election just around the corner, it seems as if we are all looking forward with one eye open to see how this uncertainty continues to play out economically for the Austin market.
Looking at the numbers, the Austin market is still very much caught in the market softening inertia of the second quarter. With the market-wide vacancy rate increasing by 2.2%, and YTD net absorption spiraling downward, the 3rd quarter finds itself continuing much of the same trajectory from the previous quarter.
Construction still abounds across the market, with approximately... To read the full report, click here: https://www2.colliers.com/
Kaitlin Holm | Research & Marketing Coordinator