San Antonio Office Figures - Q1 2026

San Antonio’s Office Market in Q1 2026 reflected a cautiously improving demand profile against a backdrop of no new supply and strong demand for Class A space. Net absorption was slightly positive at 1,636 sq. ft., a sharp slowdown from Q4 2025 but a 142,000 sq. ft. improvement from the negative reading in Q1 2025, bringing year-to-date absorption back into positive territory. Vacancy continued to slowly decline, edging down 10 basis points quarter-over-quarter to 18.5%, while availability tightened more meaningfully, falling 90 basis points from Q4 2025 to 19.3% marketwide.

As in recent quarters, tenants in the Healthcare sector dominated leasing activity, followed closely by tenants in the Professional Services (particularly Legal Services and Architecture/Engineering) and Finance sectors. Tenants continue to show a clear preference for Class A space.  With no space under construction and no deliveries since early 2024, lack of new product has helped support both the gradual compression in vacancy and steady rent gains, even as quarterly absorption remained volatile over the past several years.