San Antonio Industrial Figures - Q2 2026

San Antonio’s Industrial market remains fundamentally demand‑driven, posting positive net absorption in every quarter from Q2 2021 through Q2 2026. Vacancy compressed sharply from 12.3% in Q2 2021 to 4.8% in Q2 2022 as strong absorption outpaced deliveries, then gradually rose to 10.3% by Q2 2026 as new supply and slower leasing caught up. Average asking rents declined 2.0% quarter-over-quarter to $8.52 NNN/Yr, but were 0.5% higher year-over-year. Over the past five years, asking rents have grown by 44.4%, indicating meaningful rent growth despite the recent uptick in vacancy.

In Q2 2026, net absorption measured 252,000 sq. ft., down 33.9% quarter-over-quarter and 7.4% year-over-year. Vacancy edged down to 10.3%, a 10 basis point (bp) drop quarter-over-quarter and a 60-bp drop year-over-year. Availability remained relatively flat at 11.3%.

 The construction pipeline expanded to 2.9 million sq. ft. across 7 projects, with no new deliveries in the second quarter.