San Antonio Office Leasing is Down 68% From One Year Ago
The overall vacancy rate in the San Antonio office market is at 11 percent, up 90 basis points from this time last year at 10.1 percent, according to a recent report by NAI Partners. The vacancy rate for class-A properties is at 13 percent, up from 12.6 percent in the prior period.
Net absorption of negative 50,000 square feet was up from negative 84,000 square feet at this time in 2020. In addition, 328,000 square feet of new supply has been delivered to the market so far in 2021, with an occupancy rate of 75 percent. Year-to-date through May, the office market has recorded 885,000 square feet of leasing activity, comprised of both new leases and renewals, down 68 percent from one year ago.
In the key moves category, Zachry Construction Materials is relocating its headquarters to Walker Ranch Business Park, a 150,000-square-foot office park at 14410 Wurzbach Parkway in the North Central submarket. The company will occupy 57,718 square feet in the 93,000-square-foot class-A Building II. The building is under construction with completion scheduled for third quarter 2021. Zachry is planning to move around 190 employees into the new space in fourth quarter 2021.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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