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SA Office Vacancies Drop 90 BPs in Q4

San Antonio’s office market finished 2018 strong, with a 90-basis-point drop in the vacancy rate during the fourth quarter, CBRE reported. Thanks to 289,105 square feet of positive absorption during the quarter, the Alamo City ended the year with a vacancy rate of 14%, compared to 15.8% at year-end 2017, while Class A vacancies fell to 8.8%.

“There is an increased demand for premium space in the market,” as Class A product was absorbed during Q4, according to CBRE’s market forecast. “Nearly 700,000 square feet of office space under construction is pre-leased across San Antonio.”

In particular, the Pearl Office Towers (pictured), which broke ground in Q3, experienced over 272,000 square feet of pre-leasing activity two years ahead of their Q3 2020 delivery date.

The highly-anticipated Frost Tower in the CBD is scheduled to deliver in the first quarter of this year. The 460,000-square-foot property broke ground in March 2017.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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