F
intech growth has led to significant leasing activity at a Stonelake Capital Partners office asset in North Austin. PayPal, an online payments giant, has expanded its presence in Domain Tower 2 by over 90,000 square feet, increasing its total space to 151,700 square feet. This expansion makes it one of the largest leases in Austin this year and ranks third among The Real Deal's 2023 Austin office leasing rankings.

    Wise PLC, a London-based financial services firm, has also secured space in the tower, signing a deal for 60,700 square feet that will serve as its U.S. headquarters. Located on the 16th and 17th floors, Wise joins other notable tenants such as Samsung and Shiftkey in Domain Tower 2.

    The building is now 75% leased, with approximately 80,000 square feet still available. A contiguous space spanning 60,000 square feet is also available across the 18th and 19th floors. Nvidia is reportedly seeking to expand its presence in Austin, looking for around 300,000 square feet of office space.

    Despite strong interest from tech firms, Austin's office landlords are struggling to fill empty office space. The city's second-quarter office vacancy rate reached a record high of 25.2%, driven by the delivery of 2.1 million square feet of new office space, according to JLL.