The typical asking rate per listing is in the $40's per square foot per year. The Hancock submarket is going through a an increase in rates. In the last 3 months, the median rate went up $18 per sqft per year. That's a 64% increase in rent.
Compared to the rest of the Greater Austin market, the Hancock submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 16 listings have been made available, which means spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 38% of the office spaces in the Hancock are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,540 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market were built in 2009 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Hancock residents. Commuting close to 15 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Hancock.
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