Figures
San Antonio Office Figures - Q3 2024
October 2, 2024 5 Minute Read
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- The absorption gains seen during the first half of the year, nearly all of which occurred almost entirely to Galen College of Nursing occupying 157,000 sq. ft., have been offset by Visionworks vacating their 157,000 sq. ft. space at IBC Center I. Visionworks downsized and moved into just under 30,000 sq. ft. at Ridgewood Park.
- So, despite the large negative absorption seen in the current quarter, occupancy gains remain slightly positive for the year, with 19,900 sq. ft. of net absorption year-to-date.
- There is 130,000 sq. ft. in the pipeline with zero preleasing in place set to deliver early next year. River Mill in the Northeast submarket is slated for delivery next quarter, which will further elevate vacancy.
- Class A leasing activity has totaled over 1.25 million sq. ft. in the first three quarters of 2024, matching the volume seen in the entirety of 2023.
- While the market has experienced continued softening since the pandemic, fundamentals have stabilized and are generally on a positive trajectory. This is particularly true in high-quality space – a trend that mirrors what’s occurring nationally.