In Austin, we have seen tenants competing for the best spaces because finished spaces that are move-in ready are very limited. The other options in the market often need significant construction to create the open, creative aesthetic modern tenants are seeking. High construction prices and the long lease terms required by landlords for turnkey buildouts don’t match the needs of high growth tenants. Our strategies to mitigate these effects on our clients are to start the search process early, expand the search parameters to bring in more options, negotiate with multiple properties simultaneously, and to make sure our clients are ready to take swift action to close the transaction for their desired space. We can’t create options that are not there, but can guide our clients to quickly secure the option that best meets their individual needs.
We predict rates to continue to rise throughout 2017 and 2018 as demand stays strong and construction prices high. We suggest that our clients start their Austin office space search and negotiation very early to get the best results in this competitive environment.
If your office lease is expiring within the next 12 months, it is time to start actively making plans. Feel free to call us to discuss your unique situation over the phone and we can help you map out the appropriate timeline for your new office search or rent negotiation.