Figures
San Antonio Industrial Figures - Q2 2024
July 8, 2024 5 Minute Read
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- Market-wide net absorption ticked upward slightly to 422,178 sq. ft. in Q2 2024, remaining relatively flat during a quarter frequently characterized by low absorption.
- The majority of occupiers contributing to positive absorption were manufacturing users.
- Vacancy increased 90 bps to 8.6% in the second quarter, driven by several large projects delivering vacant in the Northeast and North Central submarkets.
- A total of 1.57 million sq. ft. delivered in Q2 24, which was 29.1% pre-leased.
- Developers began construction on six new projects totaling 1.6 million sq. of new projects; 46.9% of the total square footage breaking ground in the second quarter was speculative space.
- 4.9 million sq. ft. of industrial product is currently underway, the majority of which is located in the Northeast submarket; 26.2% of the total pipeline is pre-leased.
- Q2 2024 marked the 31st consecutive quarter of positive net demand for the San Antonio industrial market.