CoStar office stats for Austin are looking ugly. The vacancy rate is at 30.6% and the availability rate at 40.2% (Which adds occupied space that is also being marketed as available in the near future like subleases, direct leases expiring, and new construction). Pricing typically lags vacancy by ~18 months but we have yet to see price declines in the market except for subleases.
Landlords are still using free rent and extra tenant improvements to keep those face rates high. The big block spaces are getting hit the hardest as small tenants seem to be the most active.
What this means for tenants is that there are a lot of good discounts and opportunities in the market!