REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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REOC Releases 2Q 2017 Retail Market Report

Source: REOC San Antonio

Source: REOC San Antonio

In the midst of what some economists are calling a retail meltdown, the San Antonio retail market maintained its sub-ten percent citywide vacancy rate and recorded gains in the second quarter which offset losses recorded in the first quarter.  The growing popularity of discount stores accounted for much of the gain; such as, Dirt Cheap (23,864 sf) which backfilled a portion of an old Albertsons building on Walzem Road. …Read Entire Post

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Developers of Boerne mixed-use project score victory

villageherffThe City of Boerne’s Planning and Zoning Commission voted 3-2 in favor of rezoning some 26.6 acres of land off Herff Road.

The project which is being planned for the area, called Legacy at Cibolo, was formerly known as The Village at 17 Herff until a recent rebranding. …Read Entire Post

Local realty firm bets on medical retail for Huntington Square

According to a press release, the new development is a two story, 24,050 square-foot site will be on North Loop 1604 W. at Collins Circle. The new space will focus on leasing to medical retailers like spas, chiropractors, dentist offices and wellness centers as well as other retail tenants.

The focus on medical retail represents a bigger shift in general retail according to Raub, which is shifting from people buying goods at traditional retail stores to more people buying services instead. …Read Entire Post

California investor buys Oak Grove Square shopping center

The Oak Grove Square Shopping Center has been sold to an unnamed California investor according to a press release. Though the sale price was not disclosed, the strip mall was last appraised at $476,000.

The 8,890 square foot shopping center at 3203 Nacogdoches Road is said to be 75 percent leased at the time of the sale. Tenants include a barber shop, tax office, cell phone provider and a church. No word yet as to the investor’s plans for the shopping center. …Read Entire Post

Furniture chain opening first San Antonio store in former Target

Oklahoma-based retailer Bob Mills Furniture will open a new store in San Antonio, its farthest expansion south since the company’s Temple location opened, according to the company’s website. The company will be leasing 62,840 square feet of space in the former Target store at Fiesta Trails Hilltop near Interstate 10 and De Zavala Road. …Read Entire Post

Plans for Light building going before HDRC

The San Antonio Light building.

The San Antonio Light building.

GrayStreet, one of the most active developers downtown, bought the Depression-era building in December from Hearst, the parent company of the San Antonio Express-News, and plans to turn it into 60,000 square feet of upscale office space with a rooftop restaurant. …Read Entire Post

Plans to redevelop 23 acres east Downtown

Up-and-coming urban builder GrayStreet Partners is undertaking its biggest project yet, redeveloping 23 acres of neglected land across Broadway from The Pearl that would rival the historic brewery’s makeover in size. …Read Entire Post

Another retailer has filed for bankruptcy

gymboreeThe children’s clothing retailer Gymboree filed for Chapter 11 bankruptcy protection late Sunday. The mall-based chain says it plans to remain in business during its restructuring, but will close 375 to 450 stores out of its fleet of its 1,281 locations. Gymboree says the restructuring will reduce its debt by more than $900 million and position the company for “long-term success.” …Read Entire Post

BBVA’s new local corporate HQ downtown

BBVA plans to broaden marketshare in San Antonio.

BBVA’s new location is open for business.

The ground floor of the tallest building in San Antonio got a major facelift along with renovations for a new major banking tenant. After months of construction, with at least a $2 million price tag, the new BBVA Compass Inc. location in San Antonio is open for clients. …Read Entire Post

Positive Job Outlook and Housing Expansion Fuel the Retail Market

1Q17_SARetSnap.xlsAlthough currently well within a sub-10% vacancy rate, recent activity in the San Antonio retail market has some wondering where are all the retailers?  Despite leasing activity, tenant moves and closures yielded 108,621 square feet of negative net absorption.

While the large national retailers are impacted the growing demand of online shopping, smaller retailers, including the Mom & Pop shops are finding it more and more challenging to cover the costs of rent and operating expenses, especially in new construction. The San Antonio retail market closed the first quarter with a citywide vacancy rate of 7.8% which is relatively stable compared to 7.6% last quarter. …Read Entire Post