Texas Cities Lead U.S. in Office Vacancies, With Austin Rate Doubling New York's

Major Texas cities like Austin, Dallas, and Houston have the highest office vacancy rates in the U.S., per Moody's data.

Austin's office vacancy rate is 24.2%, up from 13% in 2019 and double New York City's rate.

The high vacancy rates are due to overbuilding and an excess of inventory rather than remote work.

Banks have foreclosed on some large commercial properties in Texas cities due to vacant office space.

It's unclear how the high office vacancies will impact restaurants and other businesses that rely on downtown office workers.