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Overall occupancy in the San Antonio retail market is at 94.8%, down 80 basis points from this time last year at 95.6%. The triple-net average asking rental rate is $15.75 per sq. ft., down slightly from $15.82 in December 2018.
New construction leasing up. Overall occupancy in the San Antonio retail market is at 94.8%, down 80 basis points from this time last year at 95.6%. The triple-net average asking rental rate is $15.75 per sq. ft., down slightly from $15.82 in December 2018. Occupancy of the 1.6 million sq. ft. delivered to the market year-to-date stands at 74.9% and of the 1.3 million sq. ft. currently under construction, 61.2% of that space is already spoken for. In addition, there has been 2.8 million sq. ft. of leasing activity year-to-date—which is comprised of both new leases and renewals— up 32.4% compared to this time in 2018.
Santikos new project. San Antonio-based Santikos Enterprises is planning its 10th multiscreen movie theater complex in Leon Springs, about 20 miles northwest of downtown San Antonio. The project will anchor the proposed 150,000-sq.-ft. Boerne Stage Crossing Shopping Center at Interstate 10 and Boerne Stage Road. Santikos recently opened a Cibolo movie theater and renovated the Rialto theater in Northeast San Antonio under its old name—Galaxy Theater. Further expansion in the region has talk of an 11th theater development a possibility.
Job expansion led by construction. San Antonio’s economy grew at a strong pace with metro jobs added at a 6.2% annualized rate in the three months ending in October. Growth was led by the construction sector with a significant 19.9% increase or 2,700 net jobs. So far this year, employment has increased at a robust 2.8%. Tight labor markets persist in the metro and the state as the seasonally adjusted unemployment rates held at 3.0 and 3.4%, respectively. The nation’s rate increased but stayed historically low at 3.6%. Job growth, lower unemployment rates and increased private sector wages are all telling of the continued strength of the San Antonio economy.
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