Office Asking Rents Up 2%, YoY

San Antonio’s office market experienced a year-over-year vacancy increase of 10 basis points in February 2019. Also up from the year before? Asking rents, according to NAI Partners’ Monthly Market Snapshot. Analysts wrote that the average gross asking rate was $22.44 per square foot, an increase from the $21.99 per square foot in February 2018.

The report also noted that occupancy of the 237,000 square feet delivered to the market in 2018 is 55.8%; 30.5% of space is available of the 1.5 million square feet currently under construction. Net absorption was in negative territory, at -300,836 square feet, though leasing activity more than doubled from last year. The chart below is courtesy of NAI Partners.