Austin Office Space, Inc.
The Austin
Broker Barometer
Austin’s leasing market, reported by the brokers doing the deals. Most published numbers show what already happened. Brokers feel where the market is moving first. 96 of them told us how the third quarter went and where the next six months go.
Above 50, brokers’ answers lean toward better. This quarter the market moved forward on volume: more tours, bigger pipelines and more signed leases, though deals closed a little slower than last quarter (46.1). Retail was the one property type below 50, at 43.3.
633 brokers invited · index built from 96 answers · fielded Oct 13–27, 2026 · 54 left a comment
| Part | Reading | Answers | Counts for |
|---|---|---|---|
| Tours and inquiries | 61.3 | 95 | 20% |
| Leases signed | 61.3 | 95 | 20% |
| Speed, tour to lease | 46.1 | 95 | 20% |
| Six-month outlook | 69.3 | 96 | 40% |
| Broker Sentiment Index | 61.4 | 96 | 100% |
Busy, but tenants still hold the cards
Four readings make the index: tours, leases signed, speed to lease and the six-month outlook. 50 means no change.
More deals, a little slower
Five readings in deal order; above 50 means better than last quarter. Pipeline is context only.
Tenants hold the pen, but rents aren’t falling
Share of the 96 brokers on each side of the table.
One word for the market
Every broker picked one word. Large dot = the middle broker; small dots = one broker each.
Most deals have been a grind, but more have moved to completion than previous quarters.Graham Trull, SIOR · Transwestern
“Momentum has picked up since summer. Lots of active deals, but still many constraints on due to timing/TI/rates/etc. Most deals have been a grind, but more have moved to completion than previous quarters. Tenants using AI to negotiate has become annoying and difficult. Brokers not using it correctly or not using it at all will be left behind. I liken it to giving a civilian a jackhammer. In the right hands, it can do work. In the wrong hands, it’s a disaster.”Graham Trull, SIOR · Transwestern
“Tenant activity has grown from 2.0 million SF of tenants in the market on average from Q2 2022 to Q3 2025 to an average of 6.0 million SF of tenants in the market at this point in time. Demand has tripled and some large deals are getting done which creates overall momentum in the market. Deals are still taking longer to get done than the market would like but there is competition for space in some buildings which is causing tenants to make decisions faster.”An office landlord rep
Downtown is running ahead
The headline hides a split. Downtown and everywhere else, office and the other property types are reading different markets. Landlord reps and tenant reps, mostly, are not.
Where the optimism is
Index by submarket, north to south. Darker means higher.Brighter means higher.
The big-firm bounce is partly a downtown bounce. Brokers at national or global firms read 69.5 against 58.1 for local and regional shops. But 22 of the 28 national-firm brokers work the CBD, and downtown brokers read 68.5 against 56.1 everywhere else, so some of that gap is about where they work, not whose name is on the door. Where the national firms do differ is closing: they report more leases signed (72.3 vs. 56.7) and faster deals (58.0 vs. 41.0).
Downtown vs. everywhere else
Brokers active in the CBD against brokers who listed no downtown work.
Industrial is hottest; retail lags
59 of 96 brokers work primarily office, so the headline is mostly an office read. The other property types tell their own stories. Industrial (11) and retail (10) are small groups; read them as direction.
Downtown brokers talk about momentum; everyone else talks about cost
Share of each group’s comments that raise each theme.
This is the most activity we have had as a market since 2019.Brian Liverman · Cushman & Wakefield
“There is a lot more activity right now, with leases getting signed at a much higher clip. SW Class A is over 90% occupancy. The CBD and NW/FNW are much more active and are probably 12-18 months from getting close to 90%, but it is very active with several large (100,000+ SF) requirements that are quickly moving to leases. This is the most activity we have had as a market since 2019.”Brian Liverman · Cushman & Wakefield
“SW Austin & South Central & West CBD & Domain – landlords have leverage. Market is strong. Rest of the city is still in state of recovery, oversupply and tenants have leverage. Optimistic that the more infill portions of NW Austin will begin to mirror SW Austin over the next year.”An office landlord rep
AI tops the list
Each broker picked the one factor with the greatest impact on Austin leasing right now, and the comments say the rest.
What’s driving Austin leasing, by firm type
Share of each group that picked each driver.
In their own words. 54 of 96 brokers left a comment. Each runs exactly as written, named only where the broker agreed.
We have a lot of product but we also have 3% job growth.Brent Campbell · Don Quick and Associates, Inc.
“We have a lot of product but we also have 3% job growth. Industrial and Office are hit the hardest with 25MM on the ground and 12MM more on the way. 2027 is going to see a lot of Industrial vacancy. Office is improving but it is slow. Retail seems to be hanging in there but more vacancy is coming in retail. The good news is it gets scooped up pretty quickly.”Brent Campbell · Don Quick and Associates, Inc.
“Good amount of relocations to the Austin market creating somewhat favorable environment. Strong VC/PE activity creating tenant expansions and new requirements.”Chris Perry · Aquila Commercial
Brokers expect a busier six months
What brokers expect against what their pipelines show today. The first edition sets the mark; the January edition grades it.
In January we publish how this forecast held up, and every quarter after that.
Move-in ready space is hard to find, and we will see the market tighten significantly in the next 24 months.An office tenant rep
Expectations are running ahead of the book
Pipeline today against expected activity over the next six months, by segment.
“Steady/increased leasing activity from tech & defense companies started in Austin or coming from California. Rising rents as leasing activity picks up. The city is over built… we all know that, but most of the available space (downtown specifically) is shell. Move-in ready space is hard to find, and we will see the market tighten significantly in the next 24 months.”An office tenant rep
“Subleases downtown are moving (finally). We needed the large blocks of shadow vacancy flood gates to open alongside tenant demand unseen last 2 years. It feels like the early innings of a game that’s moving faster we have seen in recent past.”Doug Jones · Colliers
Publisher’s note
Austin Office Space’s brokers don’t vote in the index. The number belongs to the panel. This note is where our own read lives, outside the math.
Chad Jewell · Austin Office SpaceThis quarter raises two questions: why rents are holding when tenants have the leverage, and why deals are slowing when activity is up. Here’s my read.
The leverage puzzle comes down to which deals are getting done. Spec suites and move-in-ready space close first, and the best of it draws competition and holds its price. Tenants’ leverage is real, but it sits in space that needs a buildout, a big TI package or a long commitment, and most of that space isn’t moving yet.
The slower pace reads to me as caution, not weak demand. A long lease is a bet on growth, funding, the economy and the future, and none of those feel settled with a war still going and the midterms days away. Many companies are waiting to see what comes next before they sign.
If I’m right, January’s numbers should show deals picking up and the leverage gap narrowing. We’ll report whether they do.
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Austin leasing brokers’ sentiment improved strongly in Q3 2026: the Austin Broker Barometer came in at 61.4 (50 = no change), based on a survey of 96 brokers (AustinOfficeSpace.com/broker-barometer).
Source: The Austin Broker Barometer, Q3 2026 · AustinOfficeSpace.com/broker-barometer
© 2026 Austin Office Space, Inc. Charts, figures and text may be reproduced with credit: “Source: The Austin Broker Barometer, Q3 2026 · AustinOfficeSpace.com/broker-barometer.” Broker comments may be quoted only as attributed here. Methodology: AustinOfficeSpace.com/broker-barometer/methodology/
Results Jan 21, 2027
Survey Jan 1–14, 2027. Brokers who answer receive the full report and every shared comment the morning it publishes.
Brokers: get the next survey →Chad Jewell
Founder & Principal Broker, Austin Office Space
chad@austinofficespace.com · 512-633-7703
Brokers quoted by name may be available to speak with media on request.
