Austin Business Journal October 15-21, 2021 ppA12 |Office Snapshot|”Austin Leads Nation in Sublease Shrinkage” ppA8|Jobs|”Austin Metro Nearing New Jobs Record” ppA14|The List|”Multitenant Office Parks”
The Domain besides shopping has the most multi-tennant workspace at more than three million square feet.
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Sublease space demand in Austin
According to CoStar Group, Inc. “Austin has seen the biggest decline in sublease space in the country since the beginning of the year.” Sublease space in Austin is down about 32% to 2.7 million square feet. San Francisco, by comparison a much larger market, is down only about 12% to 9.5 million square feet. These data suggest continuing strong demand for commercial space in Austin.
Jobs in Austin Metro
Through September, 150 companies relocating or expanding in Austin “pledge to create more than 20,000 [20,840] jobs during the first nine months of 2021, nearing the 2020 record [22,114] for pledged jobs numbers.” Tesla alone will add 5,000 jobs at “its $1.1 billion gigafactory in Austin later this year.” Big job additions are especially happening in Austin suburbs, “where local governments are more likely to provide subsidies.”
Multi-Tenant Office Parks
Ranked by total amount of rentable S.F. as of October 2021
Top 10 listed below.
The Domain 3,071,170 S.F. Top Tennants-Facebook, Vrbo, Amazon, Indeed.com
Parmer Innovation Center 1,132,542 3M, Home Depot, Apple, Bright Machines
Broadmoor Austin 1,115,635 IBM, Texas St.Health & Human Services, New York Life, Cisco 7700 Parmer 936,398 Electronic Arts, Ebay/PayPal, Dun & Bradstreet, Polycom
The Summit at Lantana 844,240 AMD, SolarWinds, Newgistics, Thermon
Research Park Plaza 801,852 Visa, Planview, Cadence Design, ZT Systems
Barton Skyway 785,642 Care.com, Lifesize, JE Dunn, Synopsys Inc.
Riata Corporate Park 687,102 Advisory Board, TMHP, Allergan, Apple, Banker's Toolbox
Amber Oaks 644,846 AECOM, Office Depot, Boon Chapman
The Terrace 624,219 Enverus, Linebarger, Groggan&Blair, Kimley Horn, Bowman&Brook
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