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SA Industrial Sees Modest Uptick in Vacancies
The San Antonio industrial market’s overall vacancy rate increased only 10 basis points quarter-over-quarter at 6.9%, and was up by 20 bps year-over-year, NAI Partners reported. Class A space ended Q3 at 20.8% vacancy, up from 19.1% a year ago.
In addition, overall net absorption registered 1.0 million square feet, up from 646,000 square feet in Q2. Warehouse/distribution space represented nearly all of the Q3 total. There is 3.4 million square feet under construction, with about 40% of that available for lease.
NAI Partners says triple-net average monthly asking rents recorded $0.55 per square foot in Q3, up from $0.52 in Q2 and up from last year at $0.53 per square foot.
The San Antonio industrial market has grown to 128.7 million square feet, representing a 15.7% growth rate over the past five years. About 1.3 million square feet came on line during Q3.
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