Market research  ·  Austin office  ·  October 2026

Lease or buy in Austin

20,000 SF from July 2027  ·  three paths, ten years

What the Austin office market looks like heading into 2027, and whether Quillfield should lease, buy, or buy and later sell with a lease back.

$0.48MLess than leasing: buy, then sale-leaseback
25.8%Office vacancy, Q2 2026
6.54%SBA 504 rate, 25-year fixed
Prepared forQuillfield Software90 people  ·  lease expires June 2027
MERIDIANTENANT ADVISORS
01   The answer

Buy with SBA 504, then sell with a leaseback. Bought and held, owning only ties leasing.

A year-5 sale-leaseback costs $0.48M less than leasing over ten years, after tax, because an investor prices the building on Quillfield's lease: about $351 a foot, against about $215 from an owner-user. Held to a vacant sale in 2037, buying saves only $0.02M. The catch is a 15 to 20 year lease; if Quillfield cannot commit that long, lease.

Lease

$5.52MPresent value of after-tax cost
The benchmark
$8.06MAfter-tax cash, 10 years
$1.14MCash at move-in
Wins when
  • Headcount could move enough that a long commitment is a guess
  • Owner-user values stay flat: buying and holding then loses $358K
  • Quillfield may leave before year 10: every shorter stay favors leasing

Buy and hold

$5.50MPresent value of after-tax cost
$0.02M less: a tie with leasing
$8.19MAfter-tax cash, 10 years
$0.96MCash at move-in
Wins when
  • Owner-user values grow 2.4% a year or more (we use 2.5%)
  • Quillfield stays ten years or longer
  • It sells with a lease in place: the saving rises to $1.06M

Buy, then sale-leaseback

Recommended
$5.03MPresent value of after-tax cost
$0.48M less than leasing
$7.38MAfter-tax cash, 10 years
$0.96MCash at move-in
Wins when
  • Quillfield will sign a 15 to 20 year leaseback
  • An investor pays a cap rate under 9.2% in year 5
  • It would rather take its cash out than carry 2030s office values

July 2027 to June 2037. Lease at $42.00 full service, 8 months free, $80 allowance. Purchase at $190 a foot plus fit-out, 10% down. Buy and hold sells vacant to an owner-user at $243 a foot in 2037; the sale-leaseback sells to an investor at 8.0%. Lower is better. HoverTap a path for detail.

Lease or buy in AustinThe answer
02 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
02   What is happening in the market

About a quarter of the market is empty, and it has stopped getting worse.

Total vacancy by brokerageFigures we use
Cushman & Wakefield1Q2 2026
26.9%
Avison Young2Q1 2026
26.7%
JLL3Q2 2026
25.8%
Yardi Matrix4July 2026
24.5%
CBRE5Q2 2026
23.4%
Partners6Q2 2026
22.7%
Colliers7Q1 2026
22.4%
Newmark8Q2 2026
21.9%

The spread is mostly definitional. Cushman & Wakefield, JLL and Avison Young track a smaller competitive inventory (66 to 75 MSF); Newmark and Partners count 83 to 87 MSF, including more small, older and owner-occupied buildings. A 20,000 SF tenant shops the competitive set, so we use 25.8% to 26.9%.1,2,6,8

Net absorption, first half of 2026SF
Newmark8
+553K
CBRE5
+324K
JLL3
+206K
Cushman & Wakefield1
−154K

Positive in three of four counts, after a flat 2025 (−3,600 SF in one count).9 Partners' larger figure (+1.74 MSF) includes SB Energy buying the 1.2 MSF former 3M campus.6,10,11

Sublease space on the market, MSF
2.53.03.54.04.55.02024202520264.64.33.24.43.33.4
2.53.03.54.04.55.02024202520264.64.33.24.43.33.4
PartnersCRE Daily, citing ABJCushman & Wakefield

Down about a quarter from the peak, partly because owners withdrew space: Indeed pulled 118,000 SF at Domain Tower.3,12 Leasing ran 1.0 to 1.2 MSF in Q2, about half the 16-year Q2 average of 2.0 MSF.3,8,6

Lease or buy in AustinWhat is happening: demand
03 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
03   Supply, rents and prices

New supply has nearly stopped. Rents are holding. Building prices have reset.

Office under construction, MSF
JLL, mid-20243
3.5+
JLL3
1.67
Yardi Matrix4
1.20
CBRE and C&W5
0.70
Newmark and Partners8
0.15

The counts differ on what they include. JLL's total carries Apple's owner-occupied buildings; the Newmark and Partners counts appear to leave out Waterline, 715,005 SF delivering in 2026 with no tenants signed. Competitive speculative supply is about 0.7 MSF.3,2,15 Deliveries were 151,190 SF in Q2 2026 against about 14 MSF delivered from 2020 to 2025.8,16

Asking rent, full service, $/SF/yrQ2 2026 unless noted
$30$35$40$45$50$55$60$65
Our lease case $42
Class A3,8,1,6,2$50.62 to $60.97
PRNMCWJLAY
All classes3,8,5,1,6,2$44.42 to $53.98
NMPRCWCBJLAY
Class B8,6,2$36.64 to $40.91
NMPRAY
Sublease8$35.11
NM

Rents are flat to slightly up: Cushman & Wakefield +3.3% and CBRE +3.5% over the year. Newmark expects landlords to hold asking rents flat or trim them.1,5,8

Average office sale price, trailing 12 months
$384to Q2 202513
$186to Q4 202514
$152to Q1 202610
-47%Fall in 2025 average sale price, to $200.53/SF17−35%US office values from the 2022 peak; no Austin index exists18
Lease or buy in AustinWhat is happening: supply and price
04 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
04   What changed in 2025 and 2026

Nine developments that set the terms for a 2027 decision.

01H1 2026

Absorption turned positive

JLL counts +205,700 SF and its third straight positive quarter; CBRE +324,000; Newmark +552,541. Cushman & Wakefield is still at −153,724 because it counts move-ins.3,5,8,1

02Q2 2026

The pipeline hit a multi-year low

1.7 MSF under construction against more than 3.5 MSF in mid-2024. Waterline, 715,005 SF, delivers in 2026 with no tenants signed.3,15

03Sep 2025 to Apr 2026

The sublease overhang is shrinking

From 4.4 to 3.3 MSF. The Malin took 32,076 SF of Meta's space and a TERAFAB venture took about 112,000 SF at Seaholm; Indeed withdrew 118,000 SF.12,3,19

042025 to 2026

Users are buying the buildings

Austin Community College, the City of Austin, Round Rock ISD, Central Health, a church and Artivion bought at $97 to $233 a foot. Partners: users, not yield investors, are clearing deals.6,20,21,22,23

05May to Sep 2026

Downtown towers trade again

405 Colorado sold for $733.70 a foot and One Eleven Congress for $401. 515 Congress appraised 22% below its 2022 value before it sold; 823 Congress also traded.24,25,26,27,28

06Mar 2026

SB Energy took the biggest block

It bought the 1.2 MSF former 3M campus for R&D, removing the market's largest available block.29,11,10

072026

Large requirements are back

13 requirements over 100,000 SF, up from 9; CBRE counted 110+ tenants seeking 4.4 MSF. NXP leased 230,000 SF and PNC 140,000; Apollo named Austin a hub.3,30,2,31,32

08Sep to Oct 2026

Borrowing got more expensive

The Fed raised its target to 3.75% to 4.00% on September 16. The 10-year Treasury reached 5.24%, up from about 4.3% in May.33,34,35

09Tax year 2026

Property tax rates went up

The City of Austin adopted $0.5799 per $100, up from $0.5240. Central Health rose to 13.29 cents from 11.80.36,37,38,39

Demand underneath
1,415.9KMetro jobs, Aug 2026, +1.2% in a year40
428,800Office-using jobs, 33.9% above 20198
−5.5%Information-sector jobs in a year40
37Relocations and expansions in 2026, 5,477 jobs41
2.62MMetro population, +2.1% in a year42
Lease or buy in AustinWhat changed in 2025 and 2026
05 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
05   Where the brokerages disagree

Seven numbers the reports disagree on, and the one we use.

MetricRange across published reportsFigure we useWhy
Total vacancy8,1,3
21.9%26.9%
25.8% to 26.9%JLL and C&W measure the competitive multi-tenant set this tenant shops. Newmark and Partners count more owner-occupied and Class B space.
Net absorption, H1 20263,8,1
-154K+552K
+205,700 SFNewmark and Partners are lifted by an owner buying a campus; C&W lags 1.2 MSF of signed leases. JLL sits between.
Asking rent, all classes8,3,2
$44.42$53.76
By class: A $54 to $61, B $36.64 to $40.91Averages swing with class mix and with whether sublease space is counted. We price by class and submarket.
Under construction3,5,8
0.151.67
About 0.7 MSF speculativeJLL's figure carries Apple's owner-occupied buildings. Waterline is the competitive supply.
Sublease space6,1,12
1.803.40
3.3 to 3.4 MSF availableVacant-only counts leave out space still occupied but marketed. Available space is what competes on price.
Sale price10,17,4,23,6
$152$352
$159 to $196 near our sizeYardi's average carries downtown towers at $401 to $734 a foot. Owner-user sales of existing buildings ran $97 to $233.
Cap rate10,43,44,45
6.5%7.9%
7.1% to 7.9% single-tenant; we use 8.0%The Austin average is a small multi-tenant sample. Sale-leaseback pricing turns on tenant credit and term. No Austin figure exists.

Dots are individual reports; the coral band is the figure we carry into the analysis. HoverTap a dot for the source. Colliers, Transwestern, NAI and Lee & Associates did not publish accessible Q2 2026 Austin tables46, and Avison Young's latest is Q1 2026.

Lease or buy in AustinWhere the brokerages disagree
06 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
Map of Austin with nine office submarkets numbered
Strong fitFits with trade-offsLimited fit
06   Submarkets

The northwest suits both paths, Round Rock a buyer, downtown only a lease.

SubmarketVacancyAsking rentFit for Quillfield
1CBDHighest rents; Waterline's 715,005 SF delivers unleased; 1.28 MSF of sublet vacancy28.5% to 32.2%$56.83 to $71.91Lease only1,6,8,2,3
2Domain / NorthTight by suburban standards; few small buildings trade14.9% to 17.1%$40.79 to $44.94Strong to lease8,6,2
3Northwest / Far NorthwestMost owner-user sales near our size ($183 to $196.50); State Farm's 269,000 SF sublease16.1% to 32.3%$35.42 to $45.00Strong both ways8,6,1,2,12
4SouthwestNo construction; Renesas took about 95,000 SF here in Q215.5% to 17.1%$42.77 to $49.48Good to lease8,6,1,2,3
5CentralTightest close-in submarket; little space at 20,000 SF5.7% to 13.3%$36.86 to $55.15Thin supply1,8,6,2
6EastAtlassian's 158,000 SF on the sublease market36.4% to 45.0%$55.62 to $59.15Leverage to lease1,2,12
7NortheastArtivion bought two Anderson Lane sites at $97 and $159 a foot41.9% to 49.8%$33.12 to $34.98Value buys1,6,2,23,47
8Southeast / AirportACC paid $233 a foot for Bergstrom Tech Center; Superior HealthPlan 215,000 SF sublease20.2% to 39.0%$33.07 to $35.87Lowest rents1,2,48,12
9Round Rock / Cedar ParkTightest in Newmark and Partners data; combined tax rate 1.78 vs 2.05 per $100 in Austin (2025)8.2% to 22.7%$35.14 to $37.93Strong to buy8,6,1,2,49,50,51

Ranges across four brokerages; rents full service. Pins are reference points.52 HoverTap a row to find it.

Lease or buy in AustinSubmarkets
07 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
07   Why Quillfield could lease

A tenant in this market can ask for a lot.

25.8%vacancy in the competitive set3
1.1 MSFleased in Q2 against a 2.0 MSF Q2 average8
$35.11sublease asking rent vs $44.42 for all space8
Leverage

Landlords are carrying a quarter of the market empty. NAI reports concessions still elevated, keeping effective rents below asking; JLL calls them stable; Newmark expects the market to stay tenant friendly.53,3,8

Sublease supply

3.3 to 3.4 MSF is offered, with eight blocks over 100,000 SF. Built-out sublease space can cut the fit-out bill and the move date.1,12

Flexibility

Leases in older buildings run five years or less; new buildings ask for ten.54 A lease carries no 51% occupancy rule and no building to sell if headcount moves. Information jobs fell 5.5% in a year.55,40

No exposure to values

US office values sit 35% below the 2022 peak, and 515 Congress appraised 22% under 2022.18,26 A tenant carries none of that, and none of a reassessment.

Capital

Fit-out runs $156.31 a foot in Austin against $162 nationally.56,57 In our case the lease still needs $1.14M above an $80 allowance, more than the $0.70M SBA down payment. A larger allowance closes that gap.

Sublease blocks on the market, April 2026
MetaCBD
488K
State FarmNorthwest
269K
Superior HealthPlanSoutheast
215K
AtlassianEast
158K
IndeedCBD
100K

The pale bar is Quillfield's 20,000 SF. Any of these could be split.12,3

Recent leases at Quillfield's size
TenantSFType
CelesticaDomain 333,081New8,1
Alpha SchoolsMcGarrah-Jessee33,596Lease6
The MalinSixth and Guadalupe32,076Sublease of Meta space3,8
Texas Capital Bank415 Colorado27,012New3,1
RyanColorado Tower24,532New8
Lease or buy in AustinWhy they could lease
08 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
08   Why Quillfield could buy

Owner-users bought existing buildings for $97 to $233 a foot.

Owner-user and public-entity purchases, $/SFClosedAsking only
We model $190
4807 Spicewood Springs Rd, Bldg 5Undisclosed, GSA auction with 25 bids  ·  Jul 2025  ·  18,135 SF
$19258,59
1300 E Anderson Ln, two buildingsArtivion, the existing tenant  ·  Dec 2025  ·  75,806 SF
$15923,60
1200 E Anderson LnArtivion  ·  2025  ·  87,000 SF
$9747
HighFlex Technology CenterGreat Hills Baptist Church  ·  Q2 2026  ·  71,247 SF
$1966,61
University Park, 3300 N I-35City of Austin  ·  May 2025  ·  206,657 SF
$12620,62
9900 Spectrum DrRound Rock ISD  ·  Apr 2025  ·  206,000 SF
$18321
Bergstrom Tech CenterAustin Community College  ·  Apr 2026  ·  560,000 SF
$2336,48
Chase Park Bldg 3 (asking)Listing  ·  Oct 2026  ·  53,919 SF
$16563
312 Medical Pkwy Bldg E (asking)Listing  ·  Oct 2026  ·  15,652 SF
$30063

No closed sale of a 10,000 to 40,000 SF standalone office building with a published price was found: Texas does not require sale prices to be disclosed.64 The five largest 2025 sales, 1.46 MSF, and October's Lavaca Plaza sale closed without public prices.65,66 The closest in size are the GSA condo at $192 and Artivion's buildings at $159.

Why the window is open
$152Partners' 12-month average sale price to Q1 2026, from $384 a year earlier10,13
$26MWhat the City of Austin paid for University Park, which the appraisal district carried at $58.07M20,62
−22%515 Congress's 2026 appraisal against 2022, $117M from $150M26
"Users, not yield-driven investors, are clearing deals."Partners, Q2 20266

Our $190 purchase price sits inside the range for buildings near the target size. Add $20 of base-building work and $136.77 of fit-out and the all-in cost is $351 a foot. An owner-user would pay about $243 in 2037 at 2.5% a year: the fit-out adds little resale value.

Lease or buy in AustinWhy they could buy: price
09 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
SBA 504 on a $7.01M project
10% down

Purchase, base-building work and fit-out financed together. The debenture is capped at $5.5M and the owner must occupy at least 51% of an existing building.78,79,80,55

$3.51MBank, 50%  ·  7.26%
$2.80MSBA 504, 40%  ·  6.54%
$0.70MDown, 10%
Debt service$532K a year
09   Financing, tax and control

SBA 504 lets a 90-person firm buy with 10% down, at a blended 6.9% fixed.

What it costs to borrow

SBA 504, 25-yearEffective, September 2026 pricing; debenture 5.41%6.54%67,68
SBA 504, 20 and 10-yearNext pricing October 8, 20266.53% / 6.60%67,68
SBA 7(a)Best case; prime 7.00% plus up to 3.0% on variable loans7.00%69,34,70
Conventional owner-occupiedBest case; quoted range 6.43% to 9.53%, up to 85% LTV7.26%69,71
10-year TreasuryOctober 1, up from 4.26% to 4.34% in May5.24%34,72,35

Banks eased standards for this kind of loan slightly in Q2.81

Property tax per $100, Austin ISD area

20252026
City of Austin0.52400.579937,36
Austin ISD0.92520.918473
Travis County0.37580.386274,75
Austin Community College0.10340.103676,77
Central Health0.11800.132939,38
Combined, per $1002.04652.1210

$106K in year one on a $250/SF taxable value. Office values on the 2026 roll rose 9.8%, low-rise office fell 1.2%, and appeals cut 2025 office values 9.5%.82,83 Round Rock's combined 2025 rate was 1.78.49,50,51,84

$574K

Fit-out deduction

Qualified improvement property gets 100% bonus depreciation, now permanent: $2.74M deducted in year one.85,86,87 A cost segregation study can move more of the building into short lives.88

$90K

Building, a year

39-year straight line.85 The new production-property deduction excludes offices.89 Section 179 caps at $2.56M.90

$1.36M

Equity built

Principal repaid over ten years, recovered at a sale or refinance.

49%

Can be leased out

The owner controls changes and can lease up to 49% to others.55 Insurance rates fell 13% in Q2.91,92

Lease or buy in AustinWhy they could buy: financing
10 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
10   Buy, then sale-leaseback

Own while it is cheap. Sell to an investor later and stay as the tenant.

12027Buy and buildClose, fit out and move in on $7.01M of 504 financing.
2Years 1 to 5Occupy and pay downAfter tax, owning runs about level with leasing; loans amortize.
3Year 5Sell with a leaseA net-lease investor pays first-year rent divided by the cap rate.
415 to 20 yearsLease it backAbsolute net. The model counts rent only to June 2037, as for the lease.
Year-6 rent$28.04/SF net: market rent less owner costs. Average net asking: $31.9194
÷
Cap rate8.0%our base case
=
Sale price$7.01M$351 a foot
Cap rate evidenceNo Austin or Texas sale-leaseback figure is published; CBRE's Austin tables are gated95
6%7%8%9%
Base 8.0%
Partners, Austin average10
6.5%
NAI Excel, Austin53
6% to 7.5%
CBRE, net-lease office45
7.1%
Northmarq / RCA, single-tenant office44
7.23%
Boulder Group, net-lease office asking43
7.9%
SLB Capital Advisors, sale-leaseback93
6.5% to 8.5%
Who is buying, and on what terms
14%Office share of net-lease volume in Q2 2026, from 20% a year earlier45
6.7%Sale-leaseback share of net-lease volume in Q2, against a 13.1% average since 201996
$1.3BUser-owned divestments in H1 2026, down 67.6% in a year96
$330MSingle-tenant office sales in the Southwest region in Q1 2026, of $2.5B nationally44
Base term15 to 20 years with renewal options, absolute net93; some advisors fit 10 to 1535
Escalators48% of W. P. Carey's rent is on fixed bumps; its average remaining term is 12.0 years97
TaxThe gain is taxable. Section 1031 can defer it only into other real property, within 45 and 180 days98,99
The point of the sale-leaseback

With Quillfield's lease in place, the building is worth about $351 a foot to an investor in year 5. Sold empty to an owner-user, about $215. A private, unrated tenant should expect the top of the cap range, so we use 8.0%.

Lease or buy in AustinBuy, then sale-leaseback
11 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
11   Three sale-leaseback scenarios

A sale-leaseback releases less cash than the price suggests. Its value is the investor's price.

Year 3Sell at 7.75% cap
Sale price$6.93M $347/SF
Less cost of sale and loan payoff($6.20M)
Cash released before tax$0.73M
Tax on the gain at 21%($0.57M)
Cash released after tax$0.16M
Taxable gain$2.72M
New rent, first year$537K $26.87/SF net
Rent plus owner costs, first year$905K $45.23/SF
$0.32Mless than leasing, present value$0.30M better than buy and hold
Year 5Sell at 8.0% cap
Sale price$7.01M $351/SF
Less cost of sale and loan payoff($5.96M)
Cash released before tax$1.05M
Tax on the gain at 21%($0.62M)
Cash released after tax$0.43M
Taxable gain$2.97M
New rent, first year$561K $28.04/SF net
Rent plus owner costs, first year$950K $47.52/SF
$0.48Mless than leasing, present value$0.46M better than buy and hold
Year 7Sell at 8.5% cap
Sale price$6.88M $344/SF
Less cost of sale and loan payoff($5.67M)
Cash released before tax$1.22M
Tax on the gain at 21%($0.64M)
Cash released after tax$0.58M
Taxable gain$3.03M
New rent, first year$585K $29.26/SF net
Rent plus owner costs, first year$998K $49.92/SF
$0.55Mless than leasing, present value$0.53M better than buy and hold

Savings against leasing, present value

By year of sale and the cap rate the investor pays. Blue favors the sale-leaseback; grey favors leasing. HoverTap for both costs.

7.0%7.5%8.0%8.5%9.0%
Sell in year 3
$772K
$460K
$188K
−$52K
−$266K
Sell in year 5
$1,005K
$726K
$482K
$267K
$76K
Sell in year 7
$1,206K
$956K
$738K
$546K
$375K

Why the cash is small. 100% bonus depreciation on the fit-out front-loads the tax saving; a sale gives much of it back. In year 5, $0.62M of the $1.05M released goes to tax. The loans are still 91% outstanding.

When it wins. Against leasing and against buy and hold (sold empty to an owner-user at $243 a foot in 2037), in every case but a year-3 sale at 8.5% or more. Breakeven caps: 8.4% in year 3, 9.2% in year 5, 10.3% in year 7. The leaseback runs 15 to 20 years; rent is counted only to June 2037.

Lease or buy in AustinSale-leaseback scenarios
12 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
12   The ten-year model

Owning costs about the same as leasing each year. How it ends decides it.

After-tax cash flow, $ thousandsDownload the model (.xlsx)
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MMove-inYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MMove-inYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MMove-inYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MMove-inYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MIn12345678910
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MIn12345678910
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MIn12345678910
(1.2M)(0.8M)(0.4M)0.0M0.4M0.8M1.2MIn12345678910
Move-inJul 2027Yr 12027-28Yr 22028-29Yr 32029-30Yr 42030-31Yr 52031-32Yr 62032-33Yr 72033-34Yr 82034-35Yr 92035-36Yr 102036-3710-yearPV at 8%
Rent, full service–(280)(865)(891)(918)(945)(974)(1,003)(1,033)(1,064)(1,096)(9,070)(5,824)
Fit-out above the allowance(1,135)––––––––––(1,135)(1,135)
Tax savings–2971821871931992042112172232302,1431,444
After-tax cash flow(1,135)17(684)(704)(725)(747)(769)(792)(816)(841)(866)(8,062)(5,515)
Move-inJul 2027Yr 12027-28Yr 22028-29Yr 32029-30Yr 42030-31Yr 52031-32Yr 62032-33Yr 72033-34Yr 82034-35Yr 92035-36Yr 102036-3710-yearPV at 8%
Down payment(701)––––––––––(701)(701)
Carry before move-in, 4 months(258)––––––––––(258)(258)
Debt service–(532)(532)(532)(532)(532)(532)(532)(532)(532)(532)(5,324)(3,573)
Operating costs and property tax–(336)(346)(357)(367)(378)(390)(401)(413)(426)(438)(3,852)(2,537)
Tax savings547551811821831831841841841841852,4591,813
Sold empty to an owner-user, after payoff and tax––––––––––(516)(516)(239)
After-tax cash flow(905)(113)(697)(707)(717)(728)(738)(750)(761)(774)(1,302)(8,193)(5,495)
Move-inJul 2027Yr 12027-28Yr 22028-29Yr 32029-30Yr 42030-31Yr 52031-32Yr 62032-33Yr 72033-34Yr 82034-35Yr 92035-36Yr 102036-3710-yearPV at 8%
Down payment(701)––––––––––(701)(701)
Carry before move-in, 4 months(258)––––––––––(258)(258)
Debt service–(532)(532)(532)(532)(532)–––––(2,662)(2,126)
Rent after the sale, net––––––(561)(572)(583)(595)(607)(2,918)(1,581)
Operating costs and property tax–(336)(346)(357)(367)(378)(390)(401)(413)(426)(438)(3,852)(2,537)
Tax savings547551811821831832002042092142202,5861,879
Sale to an investor, after payoff and tax–––––428–––––428291
After-tax cash flow(905)(113)(697)(707)(717)(300)(751)(769)(787)(806)(826)(7,379)(5,033)
Move-inJul 2027Yr 12027-28Yr 22028-29Yr 32029-30Yr 42030-31Yr 52031-32Yr 62032-33Yr 72033-34Yr 82034-35Yr 92035-36Yr 102036-3710-yearPV at 8%
Lease(1,135)17(684)(704)(725)(747)(769)(792)(816)(841)(866)(8,062)(5,515)
Buy and hold(905)(113)(697)(707)(717)(728)(738)(750)(761)(774)(1,302)(8,193)(5,495)
Buy, then sale-leaseback(905)(113)(697)(707)(717)(300)(751)(769)(787)(806)(826)(7,379)(5,033)
Buy and hold, against leasing230(131)(14)(3)81931435567(436)(131)20
Sale-leaseback, against leasing230(131)(14)(3)84471823293440683482

After-tax cash flows, $ thousands; costs in parentheses. 20,000 SF, July 2027 to June 2037. Buy and hold's year-10 figure is the building sold empty to an owner-user at $243 a foot, less cost of sale, loan payoff and tax on the gain. Move-in includes 4 months of interest and operating costs while the space is built out. HoverTap the chart for each year.

Lease or buy in AustinThe financial model
13 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
13   Sensitivity

Held to a vacant sale, buying is a coin flip. Rent, price or exit value can each move it $0.3M.

Present-value saving from buying and holding instead of leasingHoverTap a cell
Price / SF$160below today$190flat$243base$300$390with a lease
$150
$54K
$267K
$645K
$1,048K
$1,685K
$170
−$258K
−$45K
$332K
$735K
$1,373K
$190base
−$571K
−$358K
$20K
$423K
$1,060K
$210
−$883K
−$671K
−$293K
$110K
$748K
$230
−$1,196K
−$983K
−$605K
−$202K
$435K
Price / SF−1.0 pt−0.5 ptToday+0.5 pt+1.0 pt
$150
$921K
$784K
$645K
$504K
$362K
$170
$627K
$481K
$332K
$182K
$31K
$190base
$333K
$177K
$20K
−$139K
−$301K
$210
$38K
−$126K
−$293K
−$461K
−$632K
$230
−$256K
−$430K
−$605K
−$783K
−$963K

Coral: buying saves. Grey: buying costs more. Base case outlined: $190 purchase, sold empty for $243 a foot in 2037. The right-hand column is the price an investor would pay with an 8.0% lease in place. Loan-rate changes apply to both loans.

One input at a time

Against a $20K base saving, any one of these can flip it

Lease rent ±$3.00
−329K / +329K
Purchase price ±$20/SF
−313K / +313K
Value in 2037 ±$40/SF
−284K / +284K
Operating costs ±$2/SF
−249K / +249K
Value growth ±1 pt a year
−161K / +176K
Loan rates ±50 bps
−159K / +157K
Free rent ±2 months
−102K / +102K
Fit-out cost ±$20/SF
−51K / +51K
Discount rate ±1 pt
−12K / +11K

Coral: the change that helps buying. Grey: the change that hurts it.

Lease or buy in AustinSensitivity
14 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
14   What decides it

Three things decide it: the value at exit, how long Quillfield stays, and cash at move-in.

Buy and hold against leasing, present value, by the building's value in 2037HoverTap the line
−0.8M−0.4M0.0M+0.4M+0.8M+1.2M$150$200$250$300$350$400Flat $190: −$358KBreakeven $240: +$0KBase $243: +$20KWith a lease in place $390: +$1,060K
−0.8M−0.4M0.0M+0.4M+0.8M+1.2M$150$200$250$300$350$400Flat $190: −$358KBase $243: +$20KLeased $390: +$1,060K
By years before selling empty
−1.6M−1.2M−0.8M−0.4M0.0M345678910

Buying only catches up at ten years. Every shorter stay favors leasing.

Buy and hold breaks even at
BaseBreakeven
Value in 2037$243/SF$240/SF
Value growth a year2.5%2.38%
Purchase price$190/SF$191.27/SF
Lease rent, full service$42.00$41.82
Free rent on the lease8 months8.4 months
Loan ratestoday+0.06 pt
Discount rate8%6.4%

Every breakeven sits next to the base case: held to a vacant sale, owning is a tie.

Cash at move-in, before tax
$1.14MLeaseFit-out above the allowance
$0.96MBuy10% down plus 4 months of carry
$0.96MSale-leasebackSame as buying until the sale
What the model cannot price
01Commit for the long runBuy and hold only breaks even at ten years; a sale-leaseback adds a 15 to 20 year lease. The 504 loan needs Quillfield in at least 51% of the building.55
02Use the deductionsThe case counts $2.74M of first-year depreciation at 21%. Without taxable income to absorb it, owning saves less.
03Close and build by mid-2027Search, SBA approval, closing and a fit-out all have to land before June 2027, or the current lease needs a short extension.
04Carry the buildingRepairs, insurance, tax protests and vacancy risk that a lease leaves with the landlord.
Lease or buy in AustinWhat decides it
15 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
15   Risks and what would change the answer

Most market risks argue for leasing, or for handing value risk to an investor.

RiskWhat it meansIt favors
Waterline delivers 715,005 SF unleasedJLL expects vacancy to rise when it does.3,15Lease
Information jobs keep fallingDown 5.5% in a year; Newmark ties slower leasing to tech restructuring. Fewer heads, less space.40,8Lease
Sublease space stays high3.3 to 3.4 MSF, eight blocks over 100,000 SF. More cheap space for tenants.1,12Lease
Rates rise furtherThe 10-year Treasury passed 5% and the Fed raised in September. A 504 locks the rate at closing.34,33Lease, until closing
Tax rates and values climbCity and Central Health rates rose for 2026; the roll grew 5.48% with office among the drivers.36,38,100Lease
Office values fall againUS office values are 35% off the 2022 peak. Buy and hold carries the 2037 value: below $240 a foot, leasing wins. A sale-leaseback hands that risk to the investor.18Lease or sale-leaseback
Investors cool on office leasesOffice fell to 14% of net-lease volume; sale-leaseback share is half its average. Above a 9.2% cap in year 5, the sale-leaseback loses to leasing.45,96Lease or buy and hold
Quillfield's headcount movesBuy and hold needs about ten years to break even and a leaseback runs 15 to 20. Both assume roughly 20,000 SF in Austin for a long time.Lease
Large tenants return13 requirements over 100,000 SF and 1.2 MSF signed but not yet occupied would tighten the market.3,1Buy
Concessions tightenFree rent nationally fell from a record 9.6 months in 2023 to 8.9 in 2024. Less free rent widens the gap.101,102Buy

"It favors" is the path the risk helps if it happens. The decision turns most on the firm's own headcount plan, which no market report covers.

Lease or buy in AustinRisks and what would change the answer
16 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
16   Inputs and assumptions

Every input, and where it comes from.

8 of 33 inputs come straight from published sources and one from the client. The other 24 are our assumptions, set inside published ranges where they exist: rent, concessions, operating costs, financing terms, values and cap rates. Change any of them in the workbook.

Download the model (.xlsx)
Space and lease
Space requirement90 people at about 220 SF a head20,000 RSFClient
Lease asking rent, year 1Inside Domain/North and Northwest ranges, $35.42 to $45.008,1,6,2$42.00 FSGAssumption
Lease rent escalationFixed annual bump3%Assumption
Free rent12-market average 8.9 months, 20241018 monthsAssumption
Tenant improvement allowance12-market average $87.51, 2024101$80/SFAssumption
Fit-out cost, second-generation spaceAustin $156.31/SF, less 12.5% for second generation$136.77/SFSourced56
Market rent growthC&W +3.3% in a year1; Newmark expects flat82.50%Assumption
Owning costs
Operating costs excluding property taxNo Austin figure published$11.00/SF/yrAssumption
Capital reserve$0.50/SF/yrAssumption
Cost and tax-value growth3%Assumption
Months owned before move-inMarch close to July move-in, interest only4 monthsAssumption
Purchase and financing
Purchase priceComps near this size: $159 to $196.5023,59,6$190/SFAssumption
Closing costs2%Assumption
Base-building workRoof, HVAC, restrooms on an older building$20/SFAssumption
504 senior bank loan50 / 40 / 10 structure50%Sourced78,79
504 CDC debentureDebenture capped at $5.5M8040%Sourced78,79
Owner equityAt least 10% (13 CFR 120.801)10%Sourced78,79
Bank rate, 504 first lienConventional best case69; range 6.43-9.53%717.26%Assumption
504 debenture rate, 25-yearSeptember 2026 pricing6.54%Sourced67,68
Amortization, both loansMatches the 25-year debenture6725 yearsAssumption
Property tax
Taxable valueBetween purchase price and all-in cost$250/SFAssumption
Property tax rate, 2026Five taxing units, Austin ISD area$2.1210 per $100Sourced36,73,75,77,38
Exit and sale-leaseback
Owner-user value todaySame comps, $159 to $196.5023,59,6$190/SFAssumption
Owner-user value growthSet equal to market rent growth2.50%Assumption
Cost of sale3%Assumption
Sale-leaseback cap rateNational 7.1-7.9%43,44,45; higher for an unrated tenant8.00%Assumption
Sale-leaseback rent escalation48% of W. P. Carey rent is on fixed bumps972%Assumption
Sale-leaseback year (base case)Year 5Assumption
Income tax and discounting
Federal income tax rateC corporation; franchise tax in every path10321%Assumption
Building share of price80%Assumption
Building depreciation39 yearsSourced85
Bonus depreciation on fit-out (QIP)Permanent after Jan 19, 2025100%Sourced85,86,87
Discount rateClient's cost of capital8%Assumption

Terms. FSG: full-service gross rent, which includes operating costs and taxes. MSF: million square feet. Net absorption: the change in occupied space. bps: basis points, hundredths of a percent. CDC: the certified development company that issues the SBA 504 debenture, the 40% second loan. Qualified improvement property: interior work eligible for faster depreciation. Second-generation space: space built out by an earlier tenant.

Lease or buy in AustinInputs and assumptions
17 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
17   Next steps

Run both tracks now. Decide in February.

Now to mid-NovemberSet the requirementDecide whether Quillfield will commit to Austin for ten years or more. Ask the current landlord for a three to six month extension option as cover.
NovemberLine up the moneyTalk to a 504 lender and CDC about eligibility and terms; debenture rates reprice monthly. Price a sale-leaseback with two net-lease investors. Have the tax advisor confirm the firm can use bonus depreciation.
November to JanuaryRun two tracksTour buildings for sale in the Northwest, North and Round Rock at 18,000 to 30,000 SF. In parallel, send lease proposals to six to eight buildings to set the benchmark and keep leverage.
FebruaryPick, then negotiateLetter of intent on a building if one prices near $190 a foot and an investor will bid near 8.0% on a leaseback. Otherwise sign the best lease: held to a vacant sale, buying breaks even at about $191.
March to June 2027Close and buildSBA approval, closing, design and fit-out on a fixed price. Move in July 2027.
MERIDIANTENANT ADVISORS
Adrian SolbergPrincipal(512) 555-0147  ·  asolberg@meridian.example
Tessa LindqvistAssociate, research and analysis(512) 555-0162  ·  tlindqvist@meridian.example

Meridian represents tenants and buyers only.

Lease or buy in AustinNext steps
18 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
18   Sources

103 sources, numbered as cited.

  1. Cushman & Wakefield, MarketBeat Austin Office Q2 2026, Jul 2026 (Q2 2026 report).
  2. Avison Young, Austin Office market snapshot | Q1 2026, Apr 2026.
  3. JLL, Austin Office Market Dynamics, Office | Q2 2026, Jul 2026 (Q2 2026 report).
  4. Commercial Property Executive, Austin Office Pipeline Outpaces Peers (Yardi Matrix data), Sep 29, 2026.
  5. CBRE, Austin Office Figures - Q2 2026, Jul 9, 2026.
  6. Partners Real Estate, Austin Office | Q2 2026 | Quarterly Market Report (web page and PDF), Aug 18, 2026.
  7. CRE Daily, Austin Office Job Growth Surges as Vacancy Stays High, Jun 17, 2026.
  8. Newmark, Market Overview: Austin Office 2Q26, Jul 2026 (Q2 2026 report).
  9. The Real Deal, What to Expect in The Austin Office Market For 2026, Jan 19, 2026.
  10. Partners Real Estate, Austin Office | Q1 2026 | Quarterly Market Report, Apr 21, 2026.
  11. Four Points News, Former 3M site will continue to be R&D site, not a data center, Apr 30, 2026.
  12. CRE Daily, Austin Office Sublease Glut Eases as Big Blocks Linger, May 7, 2026.
  13. Partners Real Estate, Austin Office Q2 2025 Quarterly Market Report, Jul 2025.
  14. Partners Real Estate, Austin Office | Q4 2025 | Quarterly Market Report, Jan 16, 2026.
  15. Community Impact, Waterline, Texas' new tallest tower, tops out in Austin, Jul 31, 2025.
  16. Bisnow, Austin's Office Slump Is Fueling Mixed-Use Projects, Sep 30, 2026.
  17. CommercialCafe, Austin Office Rent Price & Sales Report (Yardi Research), Jan 2026 (2025 data).
  18. Green Street, Commercial Property Plods Along (Commercial Property Price Index press release), May 6, 2026.
  19. ECR (Equitable Commercial Realty), Austin CRE Market Update - April 2026, May 14, 2026.
  20. JLL Newsroom, Central Austin office property sold to The City of Austin for $26M, May 14, 2025.
  21. The Real Deal, Round Rock School District Pays $38M for Austin-Area Office, Apr 3, 2025.
  22. The Real Deal, Travis County Hospital District Buys North Austin Office, Dec 29, 2025.
  23. U.S. SEC (EDGAR), Artivion Inc. Exhibit 10.1, Real Estate Purchase and Sale Contract, 1300 E. Anderson Lane, Sep 26, 2025 (contract).
  24. Commercial Property Executive, Hines Pays $151M for Austin Asset, Jul 14, 2026.
  25. Commercial Property Executive, Cousins Properties Sells Austin Office Asset for $208M, Jul 31, 2026.
  26. Commercial Property Executive, KBS Sells Austin Office Tower, Sep 2026.
  27. Connect CRE, KBS Sells 26-Story Austin Office Tower, Sep 24, 2026.
  28. Hoodline, Private Austin Investor Buys 823 Congress Office Tower, May 27, 2026.
  29. Four Points News, SB Energy purchases former 3M campus at River Place Blvd., Mar 31, 2026.
  30. CBRE, Austin Office Figures - Q1 2026, Apr 9, 2026.
  31. Hoodline, PNC Moves Austin Headquarters To ATX Tower With Crown Signage, Apr 2026.
  32. Apollo Global Management, Apollo Selects Austin for Strategic Hub for Talent, Innovation and Long-Term Growth, Aug 3, 2026.
  33. Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (September 16, 2026), Sep 16, 2026.
  34. Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (Daily), October 2, 2026, Oct 2, 2026.
  35. Commercial Property Executive, Sale-Leaseback or Commercial Loan: Which Path Works Best in 2026?, Jun 3, 2026.
  36. City of Austin, Austin City Council Approves $6.6 Billion Budget for Fiscal Year 2026-2027, Aug 12, 2026.
  37. City of Austin, Austin City Council Approves Amended Fiscal Year 2025-2026 Budget, Nov 20, 2025.
  38. KUT, Travis County set to decide if Central Health can raise taxes to support mental health initiatives, Sep 14, 2026.
  39. Travis County, Notice of Public Hearing and Vote on Tax Increase (Travis County Healthcare District / Central Health, 2026), Aug 2026.
  40. U.S. Bureau of Labor Statistics, Austin-Round Rock-San Marcos, TX Economy at a Glance, Sep 2026 (Aug 2026 data, preliminary).
  41. Opportunity Austin (Austin Chamber), Relocations & Expansions, accessed Oct 5, 2026.
  42. U.S. Census Bureau, Slow Growth Impacts Nation's Largest Counties Hardest (Vintage 2025 estimates), Mar 26, 2026.
  43. The Boulder Group, Net Lease Market Report Q2 2026, Jul 2026.
  44. Commercial Property Executive, 2026 Office Net Lease Sales Volume and Cap Rates (Northmarq / RCA data), Jul 24, 2026.
  45. CBRE, Net-Lease Investment Volume Rises in Q2 2026, Extending Broad Market Momentum, Aug 13, 2026.
  46. REBusinessOnline, Lee & Associates' Q2 Report: Office, Retail Markets Gain Momentum..., Aug 6, 2026.
  47. Stock Titan (summary of SEC 8-K), AORT 8-K Filings - Artivion, Inc., Sep 29, 2025.
  48. Hoodline, ACC Buys $130.5M Site Near Austin Airport For Infrastructure Academy, Apr 2026.
  49. City of Round Rock, City Property Taxes, accessed Oct 5, 2026.
  50. CitizenPortal.ai, Round Rock ISD sets 2025 tax rate, approves tax-anticipation note and board nominations, Sep 18, 2025.
  51. Williamson County, Williamson County Approves FY25-26 Budget and Sets Tax Rate, Sep 4, 2025.
  52. OpenStreetMap Foundation, Nominatim geocoding search API (OpenStreetMap data), accessed Oct 5, 2026.
Lease or buy in AustinSources
19 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.
  1. NAI Excel, Outlook 2026 Commercial Real Estate Market Report, Austin (Vol. 37), Feb 2026.
  2. AQUILA Commercial, How Much Does It Cost to Lease Office Space in Austin, Texas?, Aug 20, 2026.
  3. eCFR (National Archives), 13 CFR 120.131 Leasing part of new construction or existing building to another business, current as of Oct 5, 2026.
  4. Cushman & Wakefield, Office Fit Out Cost Guide Americas 2026, Mar 2026.
  5. Cushman & Wakefield, Office Fit-Out Costs Across the Americas Rise 5.5%... (2026 Cost Guide press release), Mar 26, 2026.
  6. U.S. General Services Administration, GSA announces public sale by auction of office condominium in Austin, Mar 21, 2025.
  7. U.S. General Services Administration, GSA Sells $3.49M Office Condominium in Austin, Jul 28, 2025.
  8. Hoodline, Artivion Buys Austin Manufacturing Campus for $20.3M, Mar 2026.
  9. Coy Davidson (blog), Texas Office Market Snapshot - Q2 2026, Jul 20, 2026.
  10. Community Impact, Austin City Council OKs $26M office purchase, Apr 25, 2025.
  11. CommercialCafe, Austin, TX Office Buildings for Sale (listing page), accessed Oct 5, 2026.
  12. MetroTex Association of Realtors, Fact or Fiction: Must I Report Sales Prices to the MLS?, May 30, 2023.
  13. AQUILA Commercial, 2025 Recap: 5 Largest Office Building Sales in Austin, Texas, Jan 9, 2026.
  14. Commercial Property Executive, CRE Transactions in the Southwest (Week of September 28 / October 5, 2026), Oct 2026.
  15. SomerCor (CDC), September 2026 SBA 504 Interest Rates, Sep 10, 2026.
  16. Growth Corp (CDC), SBA 504 Rate Pricing, Sep 2026.
  17. Select Commercial Funding, Commercial Mortgage Rates Start at 6.40%, October 5, 2026, Oct 5, 2026.
  18. U.S. Small Business Administration, 7(a) loans, accessed Oct 5, 2026.
  19. Commercial Loan Direct, Commercial Loan Rates & Key Mortgage Indexes, Oct 5, 2026.
  20. Federal Reserve Bank of St. Louis (FRED), 10-Year Treasury Constant Maturity Rate (DGS10), Oct 2, 2026.
  21. Austin ISD, Taxpayer Impact Statement, Tax Year 2026, Sep 2026.
  22. Travis County, Fiscal Year 2026 - Tax Year 2025 Travis County Taxpayer Impact Statement, 2025.
  23. Travis County, Notice of Public Hearing on Tax Increase (Travis County, 2026), Sep 4, 2026.
  24. Austin Community College, ACC Approves New Property Tax Rate For FY25-26, Sep 16, 2025.
  25. Austin Current, Austin property tax rates rise, but some bills may fall, Oct 5, 2026.
  26. Capital CDC, SBA 504 Loans, accessed Oct 5, 2026.
  27. eCFR (National Archives), 13 CFR Part 120 Subpart H, Development Company Loan Program (504), incl. 120.801, current as of Oct 5, 2026.
  28. U.S. Small Business Administration, 504 loans, accessed Oct 5, 2026.
  29. Board of Governors of the Federal Reserve System, July 2026 Senior Loan Officer Opinion Survey on Bank Lending Practices, Aug 3, 2026.
  30. O'Connor & Associates, Travis County Taxable Value Increased by $17.26 Billion in 2026, Apr 10, 2026.
  31. O'Connor & Associates, Successful ARB Hearings Improve 2025 Travis County Property Tax Appeal Results, Oct 6, 2025.
  32. Austin Community College, ACC District & Service Area, accessed Oct 5, 2026.
  33. IRS, Publication 946 (2025), How To Depreciate Property, 2025 edition.
  34. IRS, Treasury, IRS issue guidance on the additional first year depreciation deduction amended as part of the One, Big, Beautiful Bill (IR-2026-06, Notice 2026-11), Jan 14, 2026.
  35. PwC, OB3 provides bonus depreciation, qualified production property, 2025.
  36. IRS, Cost Segregation Audit Techniques Guide (Publication 5653), Feb 2025 revision.
  37. Plante Moran, OBBB boosts U.S. manufacturing through new qualified production property deduction, Nov 2025.
  38. Current Federal Tax Developments, 2026 Inflation Adjustments for Tax Professionals: Revenue Procedure 2025-32 Analysis, Oct 9, 2025.
  39. Marsh, US Insurance Rates (Global Insurance Market Index, Q2 2026), Jul 2026.
  40. Insurance Journal, Q2 Global Commercial Insurance Rates Keep Dropping, Except for US Casualty, Jul 23, 2026.
  41. SLB Capital Advisors, Sale Leaseback Transactions: Frequently Asked Questions, updated May 11, 2026.
  42. ECR (Equitable Commercial Realty), Austin Commercial Real Estate Market Report (Office, Q2 2026), Jul 22, 2026.
  43. CBRE, U.S. Cap Rate Survey H1 2026, Aug 12, 2026.
  44. Commercial Property Executive, Sale-Leaseback Deals Slide, Even as STNL Investment Grows (Newmark data), Sep 21, 2026.
  45. W. P. Carey (SEC EDGAR), W. P. Carey 4Q25 Investor Presentation, Feb 2026.
  46. IRS, Like-kind exchanges - real estate tax tips, accessed Oct 5, 2026.
  47. IRS, Instructions for Form 8824 (2025), 2025.
  48. Travis Central Appraisal District, 2026 Market Values On Their Way To Travis County Property Owners, Mar 25, 2026.
  49. CBRE, Office Building Owners Offering Fewer Concessions to Tenants, Mar 6, 2025.
  50. CBRE, Growth of Office Effective Rents Limited by Record-High Concessions, Dec 20, 2023.
  51. Texas Comptroller of Public Accounts, Franchise Tax, accessed Oct 5, 2026.

Figures are as published by each source for the period shown; brokerages define inventory and submarkets differently. Map reference points from OpenStreetMap. Market data current to October 5, 2026.

Download the model (.xlsx)
Lease or buy in AustinSources
20 / 20Meridian Tenant Advisors ·  Market researchSample deliverable: the client, broker and building are fictional. Market figures are published data, cited on each page.