San Antonio industrial’s overall vacancy is at 6.4 percent, down from this time last year at 7 percent. The occupancy rate of four buildings delivered to the market so far in 2021 (totaling 242,000 square feet) stands at 88.3 percent, according to NAI Partners’ latest market spotlight.
The availability rate stands at 13.7 percent including 17 properties comprising 6.1 million square feet under construction. The asking price for industrial properties is currently at an average monthly rate of $0.57 per square foot, up from this time last year at $0.50 per square foot, due largely to the new product added to the market.
The expansion of online delivery during the pandemic is fueling the demand for more warehouse space for Amazon and other online retailers. Demand for industrial space in the San Antonio industrial market is way ahead of the game compared to this time last year with 951,000 square feet of net absorption recorded so far in 2021. January 2020 demand registered at 92,000 square feet.
In addition, leasing activity, comprised of new leases and renewals, registered 4.1 million square feet, due primarily to Amazon signing a 3.8 million-square-foot lease for a fulfillment center at 6806 Cal Turner Dr., says NAI Partners.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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