Source: REOC San Antonio/Xceligent
New leases and expansions generated 108,746 square feet of positive net absorption for the period spanning the months of April through the end of June, according to the survey of more than 47 million square feet of retail lease space. The second quarter gain raised the year-to-date total to 371,043 square feet. As a result, the citywide vacancy rate tightened to 9.9% down from 10.1% last quarter and 10.6% recorded in the same quarter a year ago.
The citywide average quoted triple net rental rate stepped up $0.16 compared to the previous quarter to reach $16.58 per square foot per year which is up $0.63 compared to the same quarter last year for a confident annual increase of 4.0%. Rates vary by location and product type but, on a citywide average basis, all property types showed increases in asking rents compared to this time last year even though vacancy rates did not improve in all property types. …Read Entire Post
Los Angeles-based Tryperion Partners recently closed on the purchase of Gateway Plaza (138,510 sf) located at 7513 N Loop 1604 E, adjacent to the new At Home store (formerly Garden Ridge Pottery) situated near the Interstate Highway 35/Loop 1604 interchange in the Northeast community of Live Oak.
The center’s tenant line-up includes Burlington Coat Factory, Hancock Fabrics, Goodwill Store and others. Occupancy at time of sale was reportedly 97 percent.
The acquisition also included vacant land for future development of the center. …Read Entire Post
Source: REOC San Antonio
“Current trends in healthcare real estate continue to change the medical office market landscape,” says Carl Bohn, Vice President, REOC San Antonio, a locally-based full-service commercial real estate company. In recent years, healthcare providers, who aggressively compete for customers, are much more focused on providing convenience and enhancing the patient’s experience. As such, medical services have spread out from the medical center hubs to suburban locations.
Other trends impacting healthcare real estate include the cost saving efforts of bringing multiple services to a single destination and the development of free-standing emergency and urgent care facilities, largely positioned in retail center settings. These trends dilute activity that used to be primarily funneled into medical office buildings. As a result, improvement in the separately-tracked medical-only office market does not accurately reflect the impact of San Antonio’s robust healthcare industry. …Read Entire Post
10500 Heritage Blvd.
Locally-based payroll service provider Execupay has moved its corporate offices to accommodate new growth.
The company’s new headquarters at 10500 Heritage Blvd, Suite 110, is nearly twice the size of its former location with 28,199 square feet of office space. The company, which is celebrating its 40th anniversary this year, will host a grand opening of the new office in September. …Read Entire Post
Texas American Resources (TAR) recently sold its existing production, proved reserves and Eagle Ford and Austin Chalk oil development opportunities on its 55,000 net acres of leasehold to an undisclosed buyer for $135 million.
The property is spread across four South Texas counties – Dimmit, Frio, La Salle and Zavala. …Read Entire Post
Source: REOC San Antonio/Xceligent
Tenant demand for industrial space continued to tighten the local market in the second quarter. According to the survey of 461 industrial properties totaling nearly 33.7 million square feet of space, the San Antonio industrial market experienced 199,748 square feet of positive net absorption which marks a thirteenth consecutive quarter of absorption growth.
“Recent gains are even more impressive given that the citywide vacancy was already incredibly tight heading into the second quarter,” says Kim Gatley, Senior Vice President and Director of Research for REOC San Antonio, a locally-based, full-service commercial real estate company. The citywide vacancy rate remained stable over the quarter at 5.9% but narrowed significantly compared to 8.1% recorded in the same quarter last year. …Read Entire Post
Walmart recently celebrated the grand opening of two new Walmart stores – including a Walmart Supercenter at 12639 Blanco Road on San Antonio’s North Central Side and the new Neighborhood Market at 9526 Military Drive West on the city’s far West Side.
Combined, the two stores will create approximately 400 new jobs in the city — a mix of part-time and full-time positions. …Read Entire Post
City Park East, Bldg 1
Stream Realty Partners recently closed on the purchase of Building 1 in the City Park East Distribution Center (40,800 sf) located at 8555 NE Loop 410 on the city’s Northeast Side.
“The San Antonio industrial market, and the Northeast submarket in particular, continue to perform well,” said Jason Schnittger, Managing Director, Brokerage/Transaction Specialist for Stream.
The City Park East building marks one of the latest investments for Stream Realty — which has been active on the office and medical-office fronts as well. …Read Entire Post
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