Figures

San Antonio Office Figures - Q4 2025

January 12, 2026 5 Minute Read

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  • Office market fundamentals strengthened steadily throughout 2025. Vacancy declined for the
    fourth consecutive quarter in Q4, falling to 18.6% in a 50-basis point drop from Q3. Meanwhile,
    net absorption climbed for the fourth consecutive quarter, reaching 162,834 sq. ft. Leasing
    activity was relatively flat quarter-over-quarter, dropping slightly to 533,340 sq. ft. after peaking
    in Q3 at 696,007 sq. ft.

 

  • In an ongoing occupier flight to quality, absorption has been driven overwhelmingly by Class A
    space in 2025, while Class B and C space has consistently experienced minimal or negative net
    absorption. As in previous quarters, positive absorption was concentrated in the North Central
    and Northwest submarkets; a notable Q4 exception was Alamo Group's ±42,000 sq. ft. move-in
    in the Northeast submarket at Heritage Business Center.

 

  • The Healthcare sector dominated leasing activity in the fourth quarter, comprising 33% of
    leasing activity by deal count. Healthcare was followed closely by Professional Services at 25%
    (including Legal Services, Accounting and Architecture/Engineering firms).