Several major companies made significant office moves in Austin during 2024, led by IBM’s 320,000-square-foot lease at Domain 12. Here’s a look at the year’s largest office leases in Austin.

Read Next: 2024 Recap: 5 Largest Office Building Sales in Austin, Texas

 

5 Largest Austin Office Leases in 2024

1. IBM

IBM, a global tech company, signed a lease for 320,095 square feet at Domain 12 in 3Q 2024. IBM is expected to move in 1Q 2026 and will be taking over the space previously leased by Meta.

IBM was expected to serve as the anchor tenant for the office development OneTerra, but terminated their lease agreement shortly before this deal was signed.

2. Visa

Visa, a global digital payment company, signed a lease renewal for 176,883 square feet at Research Park Plaza, Building III in 2Q 2024. Visa has occupied this entire building since 2013.

Visa also occupies an additional 133,823 square feet of space in building II of the same business park. 

3. Procore

Procore, a cloud-based construction software provider, has signed a lease renewal and expansion, increasing its total footprint to 130,010 square feet. As part of the agreement, Procore has secured the naming rights to the building, which will now be known as Procore Tower, previously called Chase Tower.

The company’s rapid growth has transformed its Austin presence from just two employees in 2013 to a major operation now occupying eight floors of the newly renamed building.

Read Next: 2024 Recap: 5 Largest Industrial Leases Signed in Austin

4. Colorado River Constructors

Colorado River Constructors, a joint venture between Fluor Corporation, Inc. and Balfour Beatty Infrastructure, signed a lease for 100,000 square feet at Austin Community College Pinnacle Campus in 2Q 2024. This building was set to be renovated and used as a campus for computer science, business, and healthcare programs before the plan was scrapped and the building was declared a surplus property by Austin Community College in 2019.

Colorado River Constructors is currently working on the Oak Hill Parkway project, which hopes to alleviate mobility issues on US-290 and SH-71.

5. PayPal

PayPal, an online payment company, signed a lease for 91,023 square feet at Domain Tower 2 in 3Q 2024. This is an expansion of the 60,000 square feet that the company already occupied at this location since 2022. 

PayPal currently has around 500 employees in the area, but that number could increase as they continue to expand their office footprint.   

Read Next: Austin’s 5 Largest Institutional Investor Industrial Sales of 2024

 

Conclusion

Austin continues to maintain its status as a major tech hub, with four of the largest leases this year belonging to tech giants. Companies like PayPal, IBM, and Procore continue to demonstrate their commitment to Austin through their ongoing operations and established presence in the region.

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