Figures

San Antonio Office Figures - Q4 2024

January 10, 2025 5 Minute Read

San Antonio’s office market closed out Q4 2024 with positive net absorption totaling 122,623 sq. ft., mostly attributable to Guidehouse occupying 107,094 sq. ft. in the Far West submarket. This move pushed annual absorption to 153,762 sq. ft. in a year characterized by a handful of larger-than-typical occupancy swings.
Fundamentals are stable marketwide and have been consistently healthy in the Midtown submarket, which includes the Broadway corridor and the Pearl. Class A vacancy is very tight in Midtown relative to the rest of the market, reaching 8.1% in Q4 following a mid-year low of 6.8%.
Marketwide vacancy dipped to 18.8%, just below the nationwide average of 18.9%. Vacancy remains elevated above pre-pandemic norms, driven by tenants downsizing as their leases expire and by slower lease-up of speculative deliveries. As is true nationwide, high-quality space is in the most demand.
No new office product is underway in San Antonio proper, and vacancy will likely begin to decline in coming quarters as recently delivered properties lease up.