REOC San Antonio
Commercial Real Estate Since 1974   
Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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REOC San Antonio releases 3Q 2013 office market update

“Conditions in the San Antonio office market continue to improve, but activity in the third quarter was rather slow,” says Adam Berlin, Senior Vice President, Office Services, REOC San Antonio, a locally-based, full-service commercial real estate company.  According to the survey of more than 28 million square feet of area office properties, demand for office space generated only 13,874 square feet of positive net absorption for the period spanning July through September.

Although weak, third quarter activity within the tracked set pushed the year-to-date total net absorption to 334,080 square feet – indicating that demand for office space has been healthy this year compared to the past few years.

The citywide vacancy rate moved to 18.8% at the close of the third quarter compared to 18.6% the previous quarter.  However, the citywide vacancy rate showed significant improvement compared to 20.9% recorded last year at this time and the citywide Class A vacancy rate tightened to 10.3% compared to 10.6% last quarter and 13.1% recorded in the same quarter last year.

The average quoted full-service rental rate for area office space climbed $0.14 over the quarter to reach $19.59 per square foot per year.  Overall, the office market continues to show improvement but the pace of recovery has been somewhat tepid; still, the area continues to attract both people and companies which bodes well for long-term outlook of the local office market.

Click to download the 3Q 2013 San Antonio office market report and read related article San Antonio office market makes strides in third quarter, REOC reports (San Antonio Business Journal, 11-14-13)

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