In recent times, it has become increasingly common for companies to abandon large office leases. The rise of remote work and high interest rates have caused chaos in the office sector.
Meta Platforms, the parent company of Facebook, is the latest to join this trend by giving up a significant portion of its Austin office space. Specifically, they are looking to exit their 320,000-square-foot building in The Domain area of North Austin. Fortunately for Meta, IBM has stepped in as a savior and will take over the lease on this entire building.
This move follows Facebook’s decision last November not to occupy 586,000 square feet at Sixth and Guadalupe downtown despite having signed a lease for that space. Now that construction on this tower is complete, it remains vacant. In addition to this property abandonment announcement from Meta earlier in June 2023 regarding their intention to sublet their leased space at West Sixth Tower totaling 120
