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Office Market Insight

Austin Q1 2024 Market Stats

$30.86
Avg. NNN Rent
19.7%
Vacancy Rate
1M
SF Delivered
4M
SF Under Construction

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Enhancing Workspace Efficiency: The Role of Key Fobs in Tracking Office Utilization Trends

In the constantly evolving landscape of commercial real estate, maximizing workspace efficiency has become a top priority for landlords and companies alike. As the demand for flexible and adaptable work environments continues to rise, innovative solutions are being sought to optimize office utilization. One effective method is key fobs to track office usage patterns and gather data.

Key fobs, traditionally associated with granting access to secured areas, have evolved into helpful tools for analyzing office space use and overall employee attendance trends. By equipping employees with key fobs embedded with unique identifiers, landlords and companies can gain insights into occupancy rates, popular areas within the office, peak hours of activity, and even individual workspace preferences.

The application of key fobs helps support data-driven decision-making for landlords and companies. By collecting office usage metrics, stakeholders can identify underused spaces, optimize floor plans, and allocate resources more effectively. This data-driven approach enables landlords to offer tailored leasing agreements and amenities that cater to the changing needs of tenants, ultimately enhancing overall client satisfaction and retention rates.

For companies, understanding how their office spaces are utilized can inform strategic decisions regarding workspace design, hot-desking policies, and remote work arrangements. By analyzing key fob data, companies can create work environments that foster collaboration, productivity, and employee well-being, leading to improved organizational performance and employee engagement.

The pandemic has accelerated the adoption of remote work and transformed the way we perceive office spaces. Several companies have embraced hybrid work models and flexible arrangements, while others are advocating for a greater in-office model approach.  The need for accurate data on office use has become more critical than ever. Key fobs offer a non-intrusive alternative for monitoring office usage in a post-pandemic world, allowing landlords and companies to implement adapted workplace solutions depending on their preferred policy.

Data from ZipRecruiter shows a 40% increase in average pay for in-person roles from 2023 to 2024, compared to smaller boosts for remote and hybrid positions. Those switching from remote to in-office roles experienced a substantial pay bump. The push for higher pay reflects efforts by employers to entice employees back to physical offices as companies implement return-to-office mandates, with nearly 90% planning such policies by the end of 2024.  IBM has already demonstrated this trend by issuing an ultimatum to managers working remotely that they will need to move near an office and report three days a week, or face termination of employment.

The shift to an in-office-centered work approach has proved indicative of job security as well. A report from Live Data Technologies suggests that fully remote employees faced a 35% higher likelihood of layoffs and a 31% higher chance of being overlooked for promotions compared to their in-office counterparts in 2023.  This year, there have been instances where companies have expressed a preference for retaining in-office workers, such as Wayfair’s latest round of job cuts that affected around 1,650 employees after notifying remote workers that they were more likely to be laid off. As we continue to see more companies implementing these policies, the application of key fobs will play a role in monitoring workplace dynamics.

When looking to the future of commercial real estate, the role of technology in optimizing workspace efficiency will continue to expand. Key fobs represent just one aspect of a broader trend toward smart buildings and data-driven workplace management solutions. From sensor-equipped workstations to AI-powered occupancy analytics, innovations in proptech will continue to revolutionize the way we design, adapt, manage, and experience office spaces.

Austin Sublease Activity

Quarter Class A Office Class B Office Class C Office Total
2018 Q1 1114427 465834 22831 1603092
2018 Q2 1135173 703671 27356 1866200
2018 Q3 1158644 596011 62841 1817496
2018 Q4 1025760 685090 51813 1762663
2019 Q1 959386 616030 32816 1608232
2019 Q2 907874 659263 19732 1586869
2019 Q3 641646 632070 27772 1301488
2019 Q4 943674 657355 20145 1621174
2020 Q1 1293038 699123 20254 2012415
2020 Q2 1912374 808228 35809 2756411
2020 Q3 2295295 946767 44659 3286721
2020 Q4 3024439 1070789 48013 4143241
2021 Q1 2905258 1016242 59778 3985265
2021 Q2 2067050 823289 51786 2942421
2021 Q3 1760065 731252 38713 2530284
2021 Q4 1889479 845798 45870 2781147
2022 Q1 1468352 909732 51755 2429840
2022 Q2 1905530 888513 30219 2824263
2022 Q3 2536072 1265781 28336 3829191
2022 Q4 3331840 1437075 32726 4812712
2023 Q1 3898586 1450787 39880 5389254
2023 Q2 4436146 1478106 34539 5948791
2024 Q3 4772705 1546187 15571 6334463
2024 Q1 4119632 1334443 57875 5511950

Austin In the News

Austin’s Still a Hotspot, Despite Declining Deals January 2024 Commercial Property Executive Austin Takes Top Spot as ‘Best Performing’ US City February 2024 ABJ Austin Begins 2024 With Strong Office Sales April 2024 Commercial Property Executive Here’s How Companies Rework Smaller Offices To Adapt to Workplace Shifts January 2024 CoStar

 

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