Office Rents and Vacancies on the Rise in S.A.

Vacancies and rent growth are ramping up in San Antonio, according to a report released by NAI Partners. The December 2019 numbers indicated overall vacancy stood at 9.9% (from 9.5% the same time, a year ago), while the gross average asking rental rate stood at $23.02 per square foot, a year-over-year increase of 2.4%.

NAI Partners analysts noted that construction fell slightly from the same time a year ago and that of the 953,000 square feet delivered year to date, 82% is leased. Furthermore, “. . . of the 1.5 million square feet currently under construction, over half of that space is already spoken for,” the report said.