Booming tech scene devours Austin’s office market

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The growth of the tech industry is impacting the Austin’s office market more than any other city in the nation, according to a new report from CBRE. “Despite robust inventory growth in Austin, total vacancy has remained at or below 10%, spurring continued rent growth market-wide,” CBRE senior vice president Mark Emerick said, according to Bisnow. Tech sector employment grew by 23 percent in the last two years in Austin, leading to office asking rents rising by 11 percent, CBRE’s “Tech-30” report found. [Bisnow]