Overall vacancy in the San Antonio office market is at 10.8 percent, up from 10.1 percent at this time last year, according to NAI Partners’ monthly office market report.
All the while, gross average asking rental rates keep climbing, rising to $23.18 per square foot, an all-time record high, up $0.99 year-over-year. Occupancy of the 368,000 square feet delivered to the market year-to-date stands at 84.3 percent, and of the 1.5 million square feet currently under construction, 57.9 percent of that space is already spoken for. In addition, there has been 1.2 million square feet of leasing activity year-to-date — both new leases and renewals — up 64.1 percent from this time a year ago.
