The Texas capital, where technology giants Google, IBM Corp. and Apple Inc. have ambitious expansion plans, has seen its office-occupancy rate fall from 68%...
The decline comes as Austin’s office-vacancy rate rose to 25% in the second quarter, according to Cushman & Wakefield, while space available for sublease has risen faster than any other metro area over the past year, CoStar Group Inc. found. Record heat, summer school holidays and resilient remote-work habits have contributed to keeping workers at home, experts said.
And while Austin’s big employers have laid off thousands of tech workers in recent months, such moves typically boost RTO rates, as workers decide that showing their faces more often could help them avoid the next round of job cuts. Austin’s unemployment rate stood at 3.5% in May, according to government data — similar to the national rate.
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