Figures
San Antonio Industrial Figures - Q3 2024
October 9, 2024 5 Minute Read
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- Vacancy grew to 9.2% marketwide as several newly delivered spec distribution projects remain unoccupied and one distributor shuttered operations, vacating 360,000 sq. ft. and suppressing total net absorption.
- Positive absorption continues to be driven by manufacturing users, notably Premium Waters occupying its new 390,808 sq. ft. facility in Seguin.
- Although new starts dwindled to 37,500 sq. ft. in Q3, 3.9 million sq. ft. of new construction remains underway, which is currently 22.8% pre-leased. All product underway is located in the Northeast submarket, with the single exception of JCB Equipment’s highly anticipated 720,000 sq ft. manufacturing facility in the South submarket.
- 1.1 million sq. ft. of Industrial space delivered in Q3, which was 40% pre-leased.
- In spite of weaker market fundamentals in Q3, there remains a strong possibility that latent demand will begin to translate into positive absorption heading into 2025, in the wake of 2024’s economic uncertainty. CBRE is currently tracking ±60 tenants in the San Antonio market seeking approximately 5.0 million sq. ft. of cumulative space.