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Occupancy at 95.6%. San Antonio’s retail market year-to-date occupancy remained at 95.6%, the same rate recorded at the end of 2017. The market has logged 58,163 sq. ft. of positive net absorption, while new supply is outpacing demand, delivering 253,000 sq. ft. so far this year. The average asking rate of renting retail space grew by $0.33 to $14.99 per sq. ft. on a triple net basis, from $14.66 at the end of last year.
Spec’s is coming to New Braunfels. Spec’s, spirits and fine foods, inked a 17,993-sq.-ft. lease in Interstate Plaza at 1671 S. I-35 in Comal County. Built in 2008, the center totals 82,343 sq. ft. with major tenants Lowe’s, Planet Fitness and PetSmart. Spec’s is scheduled to move into its new space by the end of the summer.
Valley View Shopping Center sold. According to Real Capital Analytics, annual sales transaction volume totaled $151.7 million at the end of May in the San Antonio retail market. Private capital has been the most active buyer type for 2018, comprising 100% of San Antonio’s total sales volume. A recent transaction includes Valley View Shopping Center, a 91,544-sq.-ft., three-building, fully leased, Marshalls-anchored shopping center in San Antonio’s North Central submarket.
Economic growth picked up in April. San Antonio jobs increased at a 0.7% annualized rate over the three months through April. 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%.
Director of Research
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