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San Antonio Office Market Snapshot Commercial Real Estate Economic Data and Information - Project Tech in Port San Antonio

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Market Highlights

Asking rents continue to rise; absorption remains in the red. The San Antonio office market vacancy rate rose to 10.1% nearing the end of the second quarter—up 10 basis points from 10.0% at the end of May. Year-to-date net absorption is in the red at negative 41,287 sq. ft., as 86,442 sq. ft. of new space has been delivered to the market at 3202 General Hudnell Drive – Project Tech in Port San Antonio.  Project Tech, a state-of-the-art technology complex will house firms supporting San Antonio’s growing cybersecurity community. The quoted average full-service rent continues to climb at $22.19 per sq. ft. for existing space—the highest figure ever recorded—while the asking rent for space under construction is around $34.71 per sq. ft.

Inwood Village Breaks Ground. The 76,000-sq.-ft. office building is located at 2722 Bitters Rd. in north central San Antonio. Scheduled to deliver in December 2018, the two-story property in Inwood Village will ultimately include a second, 71,000-sq.-ft. office building.

San Antonio economic growth picked up in April. San Antonio jobs increased at a 0.7% annualized rate over the three months through April. Service sectors were mixed as information and other services added jobs at a rapid pace, but trade, professional services and financial activities dropped jobs. The unemployment rate decreased to 3.4% in April, while the Texas rate edged up to 4.1%, and the U.S. rate fell to an 18-year low of 3.9%.

San Antonio Office Market Snapshot Commercial Real Estate Economic Data and Information

San Antonio Office Market Snapshot Commercial Real Estate Economic Data and Information

San Antonio Office Market Snapshot Commercial Real Estate Economic Data and Information


Leta Wauson
Director of Research
leta.wauson@naipartners.com
tel 713 275 9618

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