SA Industrial Sees Negative Absorption in Q1
The San Antonio industrial market’s overall vacancy rate was up 50 basis points quarter-over-quarter to end the first quarter at 6.9%, although up only 10 bps year-over-year, NAI Partners reported. Class A space ended Q1 at 16.7% vacancy, up from 14.5% a year ago.
In addition, overall net absorption went into the red, totaling negative 323,000 square feet, down from 1.1 million square feet in the prior quarter. There is 5.3 million square feet under construction, with 40% available.
Triple-net average monthly asking rents registered at $0.50 per square foot in the first quarter, level with this time last quarter and last year.
One metric which saw a sizable Y-O-Y increase was investment sales. Citing Real Capital Analytics data, NAI Partners reported that Q1 2020 industrial sales reached $156.4 million, compared with $92.3 million in the year-ago period.
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