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Quarry Market San Antonio

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San Antonio Retail absorption up significantly year-over-year .


Market Highlights

SUPPLY & DEMAND
The amount of new supply (592,000 sq. ft.) outpaced demand for retail space (419,000 sq. ft.) during the first eight months of 2021 in the San Antonio metro. This has been the case since 2018 based on the amount of square feet delivered from January through August. There has been 592,000 sq. ft. delivered since the beginning of the year, 925,000 sq. ft. under construction, and another 2.2 million sq. ft. planned through 2022. According to CoStar, San Antonio ranks in the top 10 for inventory currently under construction among major markets.

OCCUPANCY
Occupancy in the San Antonio retail market is at 94.2%, down 20 basis points from this time last year. The net amount of square feet absorbed (move-ins minus move-outs) is 419,000 sq. ft. thus far in 2021—up significantly year-over-year from negative 12,000 sq. ft. Year-to-date through August, the San Antonio retail market has recorded 1.6 million sq. ft. of leasing activity—which is comprised of both new leases and renewals—down about 6.7% compared to this time last year.

BUYERS AND SELLERS
The capital composition for buyers in 2021 was made up primarily of REIT/Listed investors at 73.3%, and 21.4% private investors. For sellers, the majority was 74.1% institutional investors and 13.4% private. A recent noteworthy transaction included Big V Property Group acquiring more than 460,000 sq. ft. across more than 63 acres in the Alamo Ranch shopping center. The retail center includes more than 900,000 sq. ft. of restaurant and retail space, including properties owned by tenants such as Lowe’s, JCPenney and Target. On Big V’s property, major tenants include Best Buy, Dick’s Sporting Goods, Ross Dress for Less and Old Navy. An affiliate of Blackstone Inc. previously owned the property since 2016, according to Bexar County deed records.

San Antonio Retail Graph Data

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


Additional Retail Content

San Antonio Retail | August  2021 Snapshot | Commercial Real Estate

San Antonio Retail | Q2 2021 Market Report | Commercial Real Estate

 

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