Austin in Top 10 Commercial Office Markets
Aside from being one of the best in residential estate markets in the US, Austin is also one of the Top10 Commercial Office Markets in the U.S. for the third quarter of 2021, based on the recent report released by The National Association of Realtors.
The pandemic impacted real estate markets, and the U.S. economy made a steady recovery. As stated by NAR, they studied the 390 commercial real estate markets and discovered that there's a strong recovery with positive net absorption and strengthening the rents for multifamily, industrial, and retail property markets. The office market still falls behind, since most companies' work-from-home setup is still in demand.
Austin's commercial real estate sector makes the most from big companies relocating or expanding to the city (TESLA, Google, Amazon, SpaceX, and more), construction activities, and advertised rents up to 21.2 percent on a year-over-year basis. A combination of solid in-migration and relatively lower cost of doing business is driving these growth markets, NAR added.