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from Twitter https://twitter.com/AustinTenantAdv via Blogger RCA Contractors thanks for following me on Twitter! https://t.co/Chta4eLqI4 If your looking to lease Austin office space or if your office lease renewal is coming up you may have noticed that office lease rates in Austin have skyrocketed. Austin, Tx is one of the hottest cities in the country. More people want to live here and do business here. And because of that vacancy rates continue to drop and rental rates continue to rise. Because of that many tenants are starting to look at flex space as a lower cost alternative to renting traditional office space. What is Flex Space?Flex space is a type of industrial space that can be used for office or warehouse use. They are typically single story buildings with an entrance and windows on the front and are found in small business parks or semi industrial areas. You see them built out as 100% office or a combination of office upfront and warehouse in the back. How Much Does Flex Space Cost in Austin?When combining ALL expenses flex space will cost about $15 to $20 sf per year depending on the property, location, and terms. Compared to the cheapest office space in Austin which will range from $21 to $25 sf. Unlike most traditional office space, tenants that lease flex space will be responsible for paying their own electric, janitorial (if they want), and hvac maintenance and repairs. You may see flex space base rental rates quoted monthly or yearly. In Austin average base lease rates for flex space range from $13 to $16 sf per year. If quoted monthly that would be $1.08 to $1.33 sf Don’t forget that in addition to the base rate tenants are also responsible for the operating expenses (aka NNN), as well as electric and janitorial (if needed). The NNN’s will cover all of the buildings taxes, insurance, and common area maintenance costs. In Austin, NNN costs will range from $0.25 to $0.35 sf monthly, which is $3.00 to $4.20 sf yearly. To budget for electricity costs I would budget for somewhere between $1.50 to $3.00 sf per year depending on your use and power needs. Benefits of Flex Space Over Traditional Space
Cons of Flex Space
via Tumblr Flex Space – Cheaper Alternative to Leasing Austin Office Space If you are a new business or startup you are probably on a tight budget. You would love to lease that cool creative office space in downtown Austin however with the least expensive rental rates being $45 sf gross up to $65 gross that location is probably not going to work. If you are looking for the cheapest office space in Austin you are more likely to find that in the Northeast and Southeast part of town. Northeast or Southeast Austin may not be a desirable location for your business however at this time it’s really the only areas of town where you will find rental rates ranging from $21 to $25 gross. That includes electric and janitorial. Keep in mind that in most cases the cheapest office space is also going to be older Class C office buildings. These buildings are typically older (10-15 years or more) with few improvements and may not be maintained as well as other classes of buildings. You could also consider renting flex office space which is typically found in semi-industrial areas in NE and SE Austin as well. The inside will still be built out as office however the buildings will be single story tilt wall buildings that look kind of industrial. via Tumblr Where to Find Cheap Office Space in Austin Tx |
AuthorThe experienced commercial realtors at Austin Tenant Advisors specialize in representing the best interests of buyers and tenants in the Search, Selection, Negotiation, and Occupancy of Office, Retail, Industrial & Warehouse Space for lease, rent, or sale in and around Travis, Williamson, Hays, Bastrop, & Burnet Counties, which are the 5 largest counties in Central Texas. We serve the surrounding cities such as Pflugerville, Round Rock, Georgetown, Leander, Cedar Park, Lakeway, Bee Cave, Sunset Valley, Dripping Springs, Buda, Kyle, San Marcos, Burnet, Marble Falls, and more. Archives
November 2020
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