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Overall vacancy is at 6.9%, up from this time last year at 6.3%. The occupancy rate of the 2.9 million sq. ft. delivered to the market so far in 2020 stands at 71.6%, and of the 3.9 million sq. ft. under construction, 47.9% has been spoken for.
Vacancy rate at 6.9%. Overall vacancy is at 6.9%, up from this time last year at 6.3%. The occupancy rate of the 2.9 million sq. ft. delivered to the market so far in 2020 stands at 71.6%, and of the 3.9 million sq. ft. under construction, 47.9% has been spoken for. The vacancy rate for Class A properties is at 19.9%, up from the prior period at 18.0%. The asking price for industrial properties is currently at an average monthly rate of $0.56 per sq. ft., up from this time last year at $0.51 per sq. ft. due primarily to the new product added to the market.
Navistar breaks ground. Construction is underway on commercial truck and bus maker Navistar’s more than $250 million manufacturing facility in San Antonio. The 900,000-sq.-ft. plant, located near Interstate 35 off U.S. Highway 281, is anticipated to bring more than 600 jobs to the San Antonio area. It is reported that Navistar’s new plant will have the capacity to produce Class 6-8 vehicles, which range from mid-size trucks and school buses to semi tractor-trailers. Vehicle production at the facility is scheduled to begin early 2022.
San Antonio economic indicators. The Federal Reserve Bank of Dallas reported that the San Antonio Business-Cycle Index climbed for the second consecutive month after a severe descend in March and April. The local unemployment rate declined further, and while net jobs increased in June, the second quarter posted job losses in all sectors. Local consumer spending has improved significantly since mid-April but remains below pre-COVID-19 levels. Home sales improved in June, and stock prices of San Antonio-based companies increased for the majority of July.
Director of Research
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