Austin Sees Double-digit Rent Growth Thanks to Influx of High-tech
Aug 20, 2014
A healthy influx of high-tech employment has played a major role in the recovery of the U.S. office market, says a recent report from CBRE Group Inc., with Austin accounting for the sixth-best market for rent growth in the country
Austin has seen a double-digit rent growth over the past two years, according to the report, titled “U.S. Tech-Twenty: Measuring Office Market Impact”
The research tracks high-tech employment and office market conditions in 20 tech-oriented office markets across the U.S., and found a strong correlation between high-tech job growth and accelerating office rents. From Q2 2012 to Q2 2014, Austin experienced 34.2 percent growth in high-tech jobs, while office rents grew by 12.2 percent during the same period.