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Occupancy rose to 95.8%. San Antonio’s retail market year-to-date occupancy increased to 95.8%, up from 95.6% at this time last month. The market has recorded 345,418 sq. ft. of positive net absorption, while new supply is level with demand, delivering 388,543 sq. ft. so far this year. The average asking rate of renting retail space grew by $0.35 to $15.60 per sq. ft. on a triple net basis, from $15.25 in August.
Flix Brewhouse to open on 5.9 acres. Plans are underway for a 39,000-sq.-ft. movie theater and brewery on the far west side of San Antonio. Construction began in August on the $8.3 million project located at 345 Loop 1604 near Potranco Rd. May 2019 is the expected completion date.
Investment sales up year-to-date through August. According to Real Capital Analytics, investment sales of retail properties in the San Antonio area totaled $250 million, an increase of 90.2% from one year ago. Private capital has been the majority buyer type for 2018, accounting for 93.0% of San Antonio’s total sales volume, followed by user/other investors representing the remaining 7.0%. A recent significant transaction, Pat Wiggins LLC purchased the San Antonio Market Place; a 91,420-sq.-ft. shopping center at 1739 SW Loop 410 in far west San Antonio. Windward Partners sold the property at 94.8% occupancy.
Growth in the San Antonio economy remained mild in July. Jobs grew at a 0.4% annualized rate over the three months through July. Health care, other services, and mining employment rose but leisure and hospitality employment dropped. San Antonio’s seasonally adjusted unemployment rate fell to 3.2% in July, well below the 4.0% rate for Texas and the 3.9% rate for the U.S.
Director of Research
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