Net absorption for the overall market is at 92,147 sq. ft. year-to-date. Direct space represented 192,983 sq. ft. and sublease space accounted for negative 100,836 sq. ft.
After 2016 saw vacancy rates dip down to 5.7%, 2017 has seen a slight softening in the industrial market, as the metro area vacancy rate edged up to 6.5%, settling at 6.4% year-to-date.
One of the largest projects currently underway in the Northeast submarket is Cornerstone Industrial Park, Building 3, located at 8562 NE I-410 Loop. The Class A industrial/distribution single-story building is 144,137 sq. ft. with 65% pre-leased. The multi-tenant space is expected to be completed by the end of June.
The amount of space delivered to the market year-to-date represents 594,238 sq. ft., of which roughly 115,118 sq. ft. has been occupied. As for the construction pipeline, 817,365 sq. ft. is underway across thirteen properties, with 33% pre-leased, and all are scheduled for delivery 2017.
San Antonio ranks No. 3 among U.S. cities for the largest one-year population increase from July 2015 to July 2016, according to the U.S. Census Bureau. Meanwhile, New Braunfels ranked No. 9 on the list of cities with more than 50,000 residents that had the highest growth rate over that one-year period.