Figures
San Antonio Industrial Figures - Q4 2024
January 10, 2025 5 Minute Read
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- Net absorption climbed to 1,329,395 sq. ft. in the fourth quarter, placing annual net absorption over 2.1 million sq. ft. In contrast to recent quarters which were characterized by strong build-to-suit and owner/user activity, Q4’s absorption was driven by distribution and manufacturing tenants. Five of this quarter’s top ten largest move-ins went into Class A space built in the last five years.
- New leasing activity was dominated by small-bay space in the fourth quarter, with larger tenants generally opting to renew in place.
- Marketwide vacancy dipped to 8.8% in Q4, decreasing 70 bps from Q3 but increasing by 90 bps on a year-over-year basis. As is the case nationwide, newly delivered construction continues to push vacancy; developers have delivered over 5.0 million sq. ft. of new product to the San Antonio market over the last three years.
- 24 Buildings comprising 3.7 million sq. ft. delivered in 2024, including three deliveries (451,880 sq. ft.) in Q4. An additional 3.7 million sq. ft. remains under construction and is 23.5% pre-leased.