Texas + San Antonio + Office | May 11, 2021

Office Vacancy Hovers Around 10.6%

The overall vacancy rate in the San Antonio office market, at 10.6 percent, was up 10 basis points quarter-over-quarter and up 90 basis points year-over-year. The vacancy rate for class-A properties is at 12.5 percent and class B at 10.2 percent, according to a recent report by NAI Partners.

In the fourth quarter, overall net absorption bounced back in black to 159,000 square feet. Class A represented positive 230,000 square feet and class B tallied negative 16,300 square feet. Of the 1.8 million square feet currently under construction, 76 percent has been pre-leased. Of the 644,000 square feet completed in 2020, 42.4 percent is available for lease.

The overall San Antonio average asking full-service rent is at $23.64 per square feet, up from fourth quarter 2019 at $23.09 per square feet, while class-A space in the central business district is averaging $30.30 per square feet, says the report.

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About Lisa Brown

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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