Austin Office Space

Austin at a Glance

Austin is the 11th-largest city in the nation and fourth-largest metropolitan area within Texas with just over 1.8 million residents. As the seat of the Austin-Round Rock metropolitan area, Austin’s neighbors include the cities of Round Rock, Cedar Park, San Marcos, Georgetown, Pflugerville, Kyle, and Leander. Austin is one the country’s largest centers of technology, defense, and pharmaceuticals. Thanks to the pre-eminent University of Texas at Austin, thousands of talented students graduate every year and enter the aforementioned industries. As a result, the city’s younger population has continued to grow, making Austin one of the fastest growing cities in the United States. The boom in industry has been accompanied with a boom in residential and commercial real estate. Since 2008, the number of private-sector jobs in Austin has grown by 11.8 percent. As a result, there are a number of new developments for Austin office space as new firms continue to expand and proliferate throughout the city. Austin is already host to a number of reputable companies, including AMD, Apple, Google, Texas Instruments, and IBM. The growth in office space, however, has not matched the growth in the number of incoming tenants, and the problem for large companies has been finding large, contiguous blocks of office space at reasonable prices. As a result, the median price for space in Austin has been steadily increasing. The result is increased opportunity for commercial real estate development within the city, as demand is steadily outpacing supply.