Austin and San Antonio were among the top 10 office markets of the third quarter of 2021 in the NAR monthly Commercial Market Insights report.
The report found that some commercial real estate to be bouncing back to pre-pandemic levels, and others continuing to struggle. Industrial, multifamily, and retail property markets are doing well, with positive net absorption and strengthening rents. The apartment and industrial sectors, specifically, have seen historically low vacancy rates, while retail properties have made a more gradual recovery as shoppers return to stores in person.
The office sector, however, is still falling behind. With declining absorption rates and rents as well as many occupied spaces still void of workers, this market continues to struggle. Although there hasn’t been much progress in office properties, small- and medium-sized metro areas are proving to be positive indicators of potential future progress. These regions, on the other hand, are seeing increases in office occupancy rates, and are outperforming large cities and the national average.
For more information, read the NAR article.
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