There are many ways to track how well the market is doing. When it comes to the Austin job market, one of the ways to know how well the area is doing is by looking at the amount of office spaces that are vacant. It goes without saying that the more that are filled up, the more likely the area has jobs to offer. So, what does the office real estate market in Austin have to say about the current conditions?

The Market from a Real Estate Point of View

One of the best ways to know what's happening in the market is to consider the office market. Austin does have a large number of office buildings. However, reports indicate that in the final quarter of the year, there was indications that many of these spaces were filling up. As the number of available offices decreases, the value of rent is increasing. That is something we are seeing as well, according to the Oxford Commercial Brokerage firm. Here is a closer look.

In the top tier or Class A level spaces in the Austin area, the vacancy report indicated about 17.5 percent for the final quarter of the year. In 2010, that percentage was higher, at about 21.6 percent. The value of first class space averaged $28.31 a square foot, which is an increase from the previous year's $27.63 average.

What does all of this mean to the Austin job market? It could indicate that there is growth happening. Though there are new buildings going up and some businesses are moving to more specialized or private spaces, this decrease in vacancies is a good thing for the market as a whole.