Figures

San Antonio Industrial Figures - Q3 2026

October 9, 2026 5 Minute Read

Market conditions tightened modestly in Q3 2026, as demand strengthened and vacancy and availability edged lower quarter-over-quarter. Net absorption, driven by a combination of tenant and owner/user activity, climbed to 796,000 sq. ft. in a significant quarter-over-quarter increase from 233,000 sq. ft.
Overall vacancy has declined slowly and steadily after a Q1 2025 peak of 11.1%, falling 10 bps quarter-over-quarter to 10.3% as of the current quarter; direct vacancy fell 20 bps quarter-over quarter to 9.7% while sublease vacancy climbed to 0.5%, accounting for a small but growing portion of the market’s vacant inventory this quarter. The South submarket recorded the lowest overall vacancy at 5.0%, followed by the CBD at 6.5%. At the other end of the spectrum, the Northeast submarket posted the highest overall vacancy at 12.6%.
Leasing activity was particularly strong, rising from 2.71 million sq. ft. in Q2 2026 to 2.91 million sq. ft. in Q3 2026 and driving a 110-bp quarter-over-quarter drop in availability, which declined to 10.2%. As construction activity eased from 2.86 million sq. ft. to 2.44 million sq. ft. and deliveries were limited to 698,000 sq. ft., near-term supply pressure remained contained. Asking rent increased from $8.52 to $8.81 per sq. ft., representing a 3.4% increase quarter-over quarter and a 5.0% gain year-over-year.