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San Antonio Sees 80-bp Drop in Retail Occupancies
Occupancy for San Antonio retail is at 94.4%, down 80 basis points from this time last year, according to NAI Partners. Of the 910,000 square feet currently under construction, the availability rate stands at 46.2%.
Year-to-date through July, the San Antonio retail market has recorded 1.1 million square feet of leasing activity, including both new leases and renewals. That tally is down 52.5% from a year ago, NAI Partners said.
In addition, the net amount of square feet absorbed (move-ins minus move-outs) stands at negative 58,000 square feet, with new supply delivering 841,000 square feet to the market this year. Of that tally, 70.5% is occupied.
While retail leasing metrics are generally off compared to a year ago, asking rents are up. The average asking rate of renting retail space in San Antonio is at $16.37 per square foot on a triple-net basis, a 3.5% increase from a year ago.
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