A recent CBRE survey reports that the San Antonio area’s office market had a mostly positive first half of 2024.

The report revealed a total office vacancy rate of 18.6% and an increasing rate of absorption. 145,800 total square feet of office space was absorbed during the second quarter of the year.

Despite the positive absorption number, total vacancy has ticked upward by 50 basis points since the end of 2023, largely because 175,000 square feet of 200,000 square feet of newly opened office space remain vacant. Fundamentals are generally trending upward, with Class A space seeing the strongest growth.

Leasing rates have increased to a record-high average of $29.31 per square foot, as Class A and Class B assets collectively drive growth.

The San Antonio-area market has 15.8 million square feet of Class A space and 14.5 million square feet of Class B space currently available for rent.