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Office Vacancies Tick Upward in San Antonio
San Antonio’s office vacancy rate now stands at 10.7%, up from 10% this time last year, NAI Partners says. The rise is due in part to the 255,000 square feet of vacant space delivered to the market so far in 2020, or 63.6% of the total 400,000 square feet completed. Of the 1.8 million square feet currently under construction, 30.2% is available for lease.
The vacancy rate for Class A properties is at 14.1%, up from 13.1% in the year-ago period. Overall, the San Antonio office market has recorded net absorption of negative 197,000 square feet, down from positive 181,000 square feet at this time in 2019.
The asking price for office properties is currently at an average annual rate of $23.56 per square foot, up from $22.82 per square foot a year ago. NAI Partners says the increase is due primarily to the new product added to the market.
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