Source REOC San Antonio/Xceligent
The San Antonio retail market closed the second quarter with a citywide vacancy rate of 10%. There were no notable deliveries in the second quarter but more than 826,000 square feet of multi-tenant retail space is currently under construction led by the redevelopment of the former Joske’s Building at RiverCenter Mall downtown. It may not be noticeable from street level but an aerial view shows that the entire 510,810-square-foot space has been gutted and renovations are underway to make room for new retailers like H&M, Dave & Buster’s and many more.
The remaining projects under construction are mostly smaller, unanchored centers scattered throughout the market in niche locations. Verde Plaza, for example, is a 24,265-square-foot center nearing completion along the I-35 Corridor in close proximity to the Amazon.com Fulfillment Center in the far Northeast sector. Bulverde Crossing, located along busy Bulverde Road just outside Loop 1604 in the Far North sector, will come online next quarter anchored by Gold’s Gym. In the Far West sector, LA Fitness (37,000 sf) will expand the Potranco Village when completed later this year and Dominion Crossing is slated to bring retail and restaurants to the far Northwest sector along I-10 near Stonewall Ranch. Meanwhile, Walmart and H-E-B continue to identify sites for new locations in their never-ending quest for a larger market share of the grocery dollar and Academy recently announced plans to start construction in October on a 62,942-square-foot store to be located at 7503 S. Zarzamora near South Park Mall to serve the South Side.
Click to download REOC San Antonio’s complete 2Q 2015 Retail Market Report
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