The San Antonio office market ended the year on a positive note but it struggled to maintain momentum in the second half. San Antonio-area office properties accumulated roughly 300,000 square feet of positive net absorption in the first six months of 2013 but the pace then slowed considerably.
Job growth, which was rather anaemic in 2013, focused primarily on industries less connected to the office market while industries such as Financial Activities and Professional and Business Services, which are more closely connected to the office market, actually saw over-the-year losses. …Read Entire Post
Stream Realty Partners recently purchased the former Diabetes & Glandular Disease Clinic (80,000 sf). The vacant three-story medical office building, located at 5109 Medical Drive, is situated in the South Texas Medical Center on the CHRISTUS Santa Rosa Medical Center campus between Floyd Curl and Wurzbach Road.
Click to read Stream Realty purchases building in South Texas Medical Center (San Antonio Business Journal, 1-23-14)
Hines Global REIT recently acquired 796,445 square feet of The Rim, the largest outdoor retail center in San Antonio. Spanning more than 1.8 million square feet in all, The Rim – located at the northeast quadrant of the IH-10 West and Loop 1604 intersection – is home to an impressive list of retailers.
Hines’ portion, which was reportedly purchased from Thomas Land & Development for approximately $176 million and 99.5 percent leased, includes Best Buy, Dick’s Sporting Goods, JC Penny, Nordstrom Rack, Saks Off 5th, TJ Maxx and others. …Read Entire Post
The San Antonio industrial market closed out 2013 with a citywide vacancy rate of 6.8% – the lowest on record and down compared to 7.3% last quarter and 9.9% recorded in the same quarter last year. Steady tenant demand coupled with little new leasable inventory constructed over the past several years has tightened vacancy to its lowest point ever.
Tenant move-ins recorded between the first of October and the end of December generated 1,299,611 square feet of positive net absorption led by the delivery of the Amazon.com Fulfillment Center (1,260,000 sf) in the Northeast sector. The healthy fourth quarter gain pushed the year-end total absorption figure to nearly 2.5 million square feet – another record set and besting the 1.5 million square feet recorded in 2007. …Read Entire Post
One Countryside Place (144,718 sf), a six-story office building located along US 281 between Loop 410 & Bitters Road at 12500 San Pedro Avenue in North Central San Antonio, was recently purchased by Domicilio OC LLC, an affiliate of The Gambrinus Co. The building was reportedly 86% occupied at time of sale. …Read Entire Post
Downtown San Antonio is slated to gain 150 jobs later this year. Financial services firm USAA recently confirmed plans to move 150 employees to One Riverwalk Place. The 18-story office building, purchased by USAA last year, is located at 700 N. St. Mary’s Street in the heart of downtown San Antonio. …Read Entire Post
The San Antonio Express-News recently reported that Keith Phillips, senior economic policy adviser for the Federal Reserve Bank of Dallas, expects the San Antonio metro area to add about 22,400 jobs this year which will expand the job base by 2.5 percent.
Recent announcements support that optimistic forecast. JPMorgan Chase, for example, recently announced plans to hire 250 full-time workers this year in San Antonio. Similarly, locally-based SWBC plans to fill more than 150 positions and Home Depot reported plans to hire 750 associates to support their 18 San Antonio store locations. …Read Entire Post
Live Oak-Gottesman has plans to improve the three-building, single-story office-flex complex. …Read Entire Post
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