San Antonio Industrial Numbers Reach Record Levels
San Antonio’s industrial vacancy rate dropped 10 basis points quarter-over-quarter from 4.2%, a new record. The record was partly due to record-breaking leasing activity. 107 lease transactions, comprised of both new leases and renewals, we executed in the second quarter of this year.
A recent NAI/Partners survey found that average asking NNN rents were up 40 basis points from last years $0.57. It averaged out at $0.61 during Q2 2022. As developers experience rising costs associated with bringing high-quality new projects to the market, rental rates may remain elevated.
Sales volume of parks and buildings is up from Q1 2022, from $113 million to $136 million at the end of Q2. Nearly half of all sellers were REIT’s.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.