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 4Q 2013 retail market update

New leases and expansions inked in the fourth quarter generated 164,904 square feet of positive net absorption which pushed the year-end total absorption figure to 391,862 square feet.

With little new product to offset net gains, the San Antonio retail real estate market vacancy rate dropped to 10.3% in the fourth quarter of 2013 – down from 10.7% recorded in the previous quarter and improved compared to 11.7% recorded in the same quarter the previous year.  In fact, the San Antonio retail market vacancy is the lowest it has been since the third quarter of 2005.

The average quoted rental rate for San Antonio retail space ended the fourth quarter at $16.60 per square foot per year on a triple net basis, up $0.37 over the previous quarter and $0.81 compared to the same quarter the previous year for a noticeable annual increase of 5.1%.

Improved vacancy and steadily rising rental rates will prompt plans for more speculative retail projects but developers will likely remain cautious and seek to land anchor tenants prior to kicking off construction.

Click to download REOC San Antonio’s 4Q 2013 Retail Market Report

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