San Antonio’s retail market is like many in the county, proceeding with baby steps and in some cases, making scant progress. The overall retail occupancy rate was unchanged quarter-over-quarter at 94.2 percent, though this figure represented a 60-basis-point decrease year-over-year, according to NAI Partners’ latest report.

Net absorption in the San Antonio retail market ended first quarter 2021 at 184,000 square feet, up from 14,000 square feet year-over-year. Leasing activity, which is comprised of both new leases and renewals, included 473,000 square feet of signed deals during the first quarter, an increase quarter-over-quarter, although down from this time last year. The retail market’s overall average asking rates increased by $0.27 per square feet quarter-over-quarter to finish at $16.41 on a triple-net basis. A year ago, average rates were at $16.48.

As for economic indicators, the Federal Reserve Bank of Dallas reported that San Antonio’s first-quarter jobs posted robust performance and the unemployment rate ticked down. In March and April 2020 combined, 133,615 jobs were lost as the pandemic hit. As of March 2021, 76.6 percent of those jobs had been recovered.

The metro’s unemployment rate fell to 6.4 percent in March. The state’s unemployment rate remained at 6.9 percent, while the nation’s unemployment rate ticked down to 6 percent, the lowest since March 2020.

Net payrolls in San Antonio grew an annualized 7.1 percent (18,050 jobs) in the first quarter, with positive performances across all industries. Mining (24.8 percent or 360 jobs) led the growth and was followed by construction (15.9 percent or 2,090 jobs), and leisure and hospitality (13.1 percent or 3,520 jobs).