Source: REOC San Antonio/Xceligent
New leases and expansions inked in the second quarter generated 297,378 square feet of positive net absorption which raised the year-to-date total gain to 612,054 square feet. “Over the past ten years, there have been good years and lean years; on average, the local office market experienced roughly 350,000 square feet of net gain per year but that 10-year annual average has already been surpassed at the mid-way point this year,” explains Kim Gatley, Senior Vice President and Director of Research at REOC San Antonio, a locally-based full-service commercial real estate company. “Current absorption levels are nearly double that achieved in all of 2013 and almost four times that experienced the preceding year which clearly illustrates the rising trend,” adds Gatley.
Vacancy rates reflect the positive net change in occupied space. At the close of the second quarter, the citywide vacancy rate improved to 17.5% compared to 18.4% last quarter and 18.6% recorded in the same quarter a year ago. More specifically, vacancy within the subset of top-tier Class A properties tightened to 8.9% compared to 10.2% last quarter and 10.6% recorded a year ago. Even San Antonio’s challenged downtown market reports a Class A vacancy rate of 8.2%. “Reduced availability, particularly the lack of large blocks of quality space, is pushing rents and driving new construction,” says Adam Berlin, Senior Vice President, Office Services, REOC San Antonio. …Read Entire Post
Brownwood Bldg at Brass Professional Center
New York-based Nielsen Holdings, the global information and measurement company, recently announced plans to hire more than 200 additional personnel at its outbound call center in San Antonio.
To accommodate the additional workforce, Nielsen leased 16,113 square feet to expand operations at the Brownwood Building located in the Brass Professional Center at 4440 Piedras Drive South on the Northwest side of the city. …Read Entire Post
The median price for an existing single-family home hit a record high of $188,200 in June, up 5 percent compared to the same month last year, according to the San Antonio Board of Realtors (SABOR).
Activity also picked up. June sales totaled 2,474 – up 6 percent compared to June 2013 and a reversal of the decline posted last month. …Read Entire Post
Autumn Leaves of Stone Oak, a new construction memory-care property developed by Irvine-based LaSalle Group, recently opened at 20271 Stone Oak Parkway in the Far North sector of San Antonio. The 30,000-square-foot facility will provide specialized care for about 50 residents with Alzheimer’s, dementia and memory impairment.
Amenities include a full-service beauty and barber salon, on-site caregivers and meals prepared by a chef. …Read Entire Post
Commons at Concord Park
The Commons at Concord Park (108,116 sf), a four-building office complex, was recently acquired by an affiliate of Brookwood Financial Partners.
Built by the Concord Corporation, The Commons at Concord Park, located at 300 E. Sonterra Blvd. in the Far North neighborhood of Stone Oak, includes one 2-story building (built in 2004) and three 1-story buildings (built in 2001).
Combined, the project was reportedly 78 percent occupied at the time of sale.
Click to read CBRE negotiates sale of Commons at Concord Park in San Antonio (REDNews, 7-11-14)
TeletonUSA, an organization affiliated with the Teleton Foundation, which is based in Mexico, expects to complete work this fall on a new project that will further expand San Antonio’s critical role in pediatric care.
The nonprofit Children’s Rehabilitation Institute of TeletonUSA (CRITUSA) is under construction near Morgan’s Wonderland, a special-needs theme park located on San Antonio’s Northeast Side. It will serve children from across the U.S. who have neuromusculoskeletal disabilities, and also provide support for patients’ families during and after treatment. …Read Entire Post
Villa Rosa Medical Plaza
Villa Rosa Medical Plaza (68,402 sf) – a three-story medical office building located on the CHRISTUS Santa Rosa campus in San Antonio’s South Texas Medical Center, was recently purchased by American Healthcare Investors. The Seller was L&B Realty Advisors LLP.
The building, located at 5131 Medical Drive, opened in 2010 and is anchored by CHRISTUS Health. …Read Entire Post
After anchoring the Wonderland of the Americas mall for nearly ten years, the Red Oak Ballrooms of the Norris Conference Centers will be relocating to Park North – the power center located along Loop 410 between Blanco Road and San Pedro Avenue (where Central Park Mall once stood).
Norris Conference Centers’ new lease of more than 33,000 square feet will provide five meeting rooms and two Red Oak Ballrooms to accommodate corporate events, wedding receptions and other social functions starting in January 2015. …Read Entire Post
Resolute Health Hospital
Tenet Healthcare Corp. has opened the doors to its new Resolute Health Hospital in the Central Texas community, which experiencing significant growth.
The 365,000 square-foot hospital, which has been in the works for roughly four years, has 128 beds in all-private rooms and offers a broad range of specialty services, including cardiovascular, orthopedics, oncology, imaging, wound care, rehabilitation and obstetrics. It is the only Level III neonatal intensive care unit in the area. …Read Entire Post
Houston-based Rockspring Capital recently announced the acquisition of a 121-acre industrial site in Seguin. The property is located off of Interstate Highway 10 near FM 464, adjacent to the Caterpillar engine plant which was built in 2010.
The land is reportedly ready for development and can accommodate a large industrial user or two or three smaller facilities. …Read Entire Post