Continued growth expected in future

is strong enough “to kick off multiple projects” in the next 12 months.

Jamie Patterson, vice president with Oxford, said the market is “on fire.” Absorption of office space is expected to further strengthen in the second and third quarters, she said, “due to large lease commitments and some companies phasing into their space, like Visa.”

Visa moved into nearly 30,000 square feet of space this quarter at Research Park Plaza III, and will be occupying the balance of their 173,530 square feet over the next couple of quarters, according to Oxford.

A number of buildings changed hands in the first quarter, Oxford said. And on Monday, Thomas Properties Group announced that its affiliate, TPG/CalSTRS Austin LLC, completed the $76 million sale of three office properties in suburban Austin — Westech 360, Park Centre and Great Hills Plaza. Holliday Fenoglio Fowler’s Austin/Dallas team represented Thomas Properties and CalSTRS in the sale.

“The high level of investor interest we saw during the Thomas portfolio sale signifies the strong desire to own suburban office product in Austin,” said Rhonda Toming, a managing director in Holliday Fenoglio Fowler’s Austin office. “We expect this trend to continue if CBD (central business district) rents

Quarterly continue to rise at the pace they are going.”