Despite seeing a third straight quarter of slumping office occupancy numbers, the Northwest Austin commercial real estate economy is likely to see a recovery in the coming year, according to local market analysts.
Aquila Commercial, an Austin-based real estate research and brokerage firm, on Feb. 9 published its fourth quarter Austin Office Market Report. The paper provides analysis of Austin’s commercial development health and economic factors that may contribute to real estate leasing and development trends.
According to the report, the Northwest Austin submarket—generally defined in the paper as an area west of MoPac and stretching as far north as Cedar Park—had a total office vacancy rate of 11.9% in the last quarter of 2020. In Northwest Austin, this is the third straight quarter of rising vacancy rates, or the percentage of all available units in a rental property, Aquila data shows.