Alamo City retail rings up strong third quarterAlamo City retail rings up strong third quarterhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=114132015-12-08T06:00:00Z2015-12-08T18:00:00Z

​​​​SAN ANTONIO – According to REOC San Antonio's survey of nearly 48 million sf of area retail lease space, new leases and expansions signed in the third quarter generated 107,193 sf of positive net absorption.

Third-quarter activity pushed the year-to-date total net gain to 829,119 sf. REOC San Antonio said because the retail development pipeline remains limited to mainly user-driven construction, absorption translated directly into a tightened vacancy rate. The citywide vacancy rate improved to 9.3 percent compared with 10 percent last quarter and 9.4 percent recorded in the same quarter last year.

“Well-located, high-quality available retail space is extremely limited,” said Kimberly Gatley, a senior vice president and director of research with the firm. While the larger, anchored power and community centers have sub-ten percent vacancy rates, the unanchored neighborhood and strip centers continue to be challenged with double-digit vacancy rates, although the vacancy rate in the neighborhood center submarket improved to 13.7 percent compared with 14.2 percent recorded a year ago.

The average quoted rental rate for all types of retail space ticked up $0.04 compared with last quarter to reach a citywide average of $16.34 per sf per year on a triple net basis. Although the current rate is down $0.31 — nearly 2 percent — compared with the same quarter a year ago, asking rental rates remain stable within top-tier retail centers.

REOC San Antonio
San Antonio-New Braunfels
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