Tech giant Meta, the parent company of Facebook, is easing out of yet more downtown office space. Why it matters: Austin real estate is increasingly tied to the fate of Big Tech, and any persistent Silicon Valley downturn could damper Austin's post-pandemic recovery. Details: Meta is subleasing over 100,000 square feet of space at 300 West Sixth St., per the Real Deal. What they're saying: "Our aim is to build a best-in-class remote work experience to help everyone do the best work of their careers no matter where they are," a Meta spokesperson told the Real Deal. Of note: Meta cut more than 11,000 jobs in the fall and announced plans for 10,000 more layoffs in March. By the numbers: In April, Austin's office market hit its highest vacancy rate (23.2%) since the Great Recession, per a report from JLL.