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Office Leasing Revs Up, Vacancy Remains Steady
Net office absorption in Q2 2017 throughout the San Antonio metro stood at 226,597 square feet, while asking rents remained near highs, at $21.64-per-square-foot, according to metrics from CBRE. Additionally, vacancy remained at 14.8%, as close to 390,000 square feet of new products delivered, with occupancy reported at 40%. The CBRE Marketview report also pointed out that office demand was highest in the Northwest submarkets.
The main reason for the uptick in office leasing (and prices) has to do with demand. The CBRE report noted that the metro has added a net 5,100 jobs year-to-date, and 24,900 jobs year over year, as of May 2017. Meanwhile, the unemployment rate keeps coming in well below the state’s average of 4.1%.
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