AUSTIN, TX—On the heels of news that the Austin area’s population officially passed the 2 million mark, the office market is also reaching record highs for occupancy and rental rates. According to new figures from the research team with Cushman & Wakefield/Oxford Commercial (CWOC), the Austin office market’s vacancy rate was 8.5% at the end of the first quarter, meaning the average of all office space was 91.5% occupied. Meanwhile, the overall asking rental rate hit an all-time historic high of $33.52 per square foot–which translates to a 6.2% increase from this time last year, when the rate was $31.55. The current rental rate is the highest ever recorded by CWOC since it started tracking statistics in the early 1990s.