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 Releases 2Q 2015 Office Market Report

2Q15_SAOfcSnap.xls

Source: REOC San Antonio / Xceligent

Two new office buildings were delivered to the San Antonio market in the second quarter:  Lockhill Crossing (125,526 sf) and The Oaks at University Park 3 (80,569 sf) – both located in the Northwest sector.  Combined, the buildings came online roughly 29% pre-leased.  Combined with the 8100 Potranco Road building which was completed in the first quarter, new construction added more than 365,000 square feet of office space to the market in the first half of the year.

New leases and expansions translated into more than 300,000 square feet of positive net absorption indicating that demand for space is nearly keeping pace with new supply.  The challenge ahead will be for demand to keep up with more than 700,000 square feet of office space currently under construction and scheduled to come online over the next six months.  Optimistic that demand for well-located, high-quality product exists, developers have recently unveiled plans for several additional planned projects such as Landmark One, The Offices at The Rim, Dry Creek Crossing and Westover Office II.  The biggest buzz, however, came from downtown where the City of San Antonio, Weston Urban and Frost Bank announced plans for a new 400,000 square-foot office tower which Frost will anchor.  The new Frost Tower will be the first major downtown office building constructed since the 1980’s.

Click to download REOC San Antonio’s complete 2Q 2015 Office Market Report

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