After rough 2020, is Austin s office market poised for a rebound?
The coronavirus pandemic isn t done battering the Central Texas office market, but local commercial brokers say they are seeing signs of that things could improve in the coming months.
Office vacancies were still on the rise and the rental rates being sought were flat in the fourth quarter, according to new industry reports. Office leasing remains far below 2019 s pace, and in line with the leasing activity seen during the last recession, according to CoStar Group, a real estate data company.
But some local office brokers say 2021 could see a turnaround – albeit a gradual one –for the market. Demand for office space has started to pick up again, they say, although it remains below what it was pre-pandemic.