Austin Home To Some Of Nation's Most Expensive Office Rents

Austin TX

09 February, 2021

10:59 AM

Description

AUSTIN, TX — Those paying office rent in Austin already are painfully aware of a new study's findings: Austin had among the nation's most expensive U.S. office submarkets in the fourth quarter. The CommercialSearch analysis assessed the loftiest rates based on average asking rent. Two Texas submarkets — both located in Austin — cracked the top 50, including: East Austin, which ranked 40th out of 50 with an average asking rent of $60 per square foot in the fourth quarter of 2020. Downtown Austin, claimed the 46th spot on the list with an average asking rent of $58.81 per square foot. Hey, at least it's not California — land of some of the nation's highest office rents. Overall, California dominated the top, claiming 29 out of the 50 entries, including first place. Menlo Park, currently home to Facebook's headquarters and part of the San Francisco office market was at the top of the list as the most expensive office submarket in the nation. Asking office rents here averaged $109.57 in Q4 2020. For more details, read the full 50 Most Expensive U.S. Office Submarkets in Q4 2020 report.