Austin Ranks 7th Nationally In New Office Construction: Report

AUSTIN, TEXAS — When visiting downtown, the brisk growth of the city is dramatically illustrated when one counts the number of cranes swiveling high in the air as new skyscrapers and luxury housing are built to accommodate new residents. A new report confirms the expansion, ranking the city in the top ten nationally for new office space development.

The new findings by CommercialCafé are found in its 2018 mid-year office construction report, compiled with Yardi Matrix data that includes the top 40 markets for office deliveries.

Key Takeaways

• With 1.4 million square feet of office already up and running and another 2.1 million expected by the end of 2018, Austin ranks 7th nationally and 2nd in Texas in terms of office construction;
• The largest delivery to date was the 560,000-square-foot Waterfront – Oracle Campus completed in March, while the largest project expected to wrap up in H2 is 324,000-square-foot Domain 11;
• 14 million square feet of office are expected to hit the Texas office markets in 2018, more than half of which in the Dallas – Fort Worth market alone – 7.7 million square feet;
• California’s Bay Area is the nation’s most active market in terms of office construction, 11 million square feet of office are expected here by the end of the year;
• A total of 101 million square feet of office should be complete by the year’s end across the U.S., with 42 million already active in the first half of 2018.

For the full report, click here.

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>>> Top image: The Independent, known in the vernacular as the "Jenga Tower" for its unique architecture, is an example of new development in Austin. Located at 301 West Avenue, the 685-foot, 58-story luxury housing building is the tallest building in Austin and the tallest residential tower west of the Mississippi. In the foreground is the new central library that opened last October. Photo by Tony Cantú/Patch staff.