JLL 1Q2016: San Antonio among top three office markets JLL 1Q2016: San Antonio among top three office markets https://www.recenter.tamu.edu/news/newstalk-texas/?Item=127902016-04-13T05:00:00Z2016-04-13T18:00:00Z

​​SAN ANTONIO - The city's office market may be catching up with some of its recent growth, but when compared to other metros across the country, it is doing pretty darn well.

Markets such as San Antonio, Austin and Silicon Valley posted the strongest occupancy growth in the country, according to JLL First Quarter 2016 Offi​​ce Statistics​ report​.

With the highest rate of absorption in all three cities during the first three-month period of the year at 1.6, 1.5 and 1.2 percent of total inventory, respectively, they were seven times higher than the national rate of 0.2 percent.

JLL expects that while some markets expect supply to sufficiently meet demand, fast-moving markets—and yes, it is referring to San Antonio as fast-moving here—"may continue to see tightening conditions in advance of new deliveries."

So if the real estate brokerage's prediction holds true, with 529,735 sf of office space currently under construction, San Antonio's office market should weather the influx of new development pretty easily.

According to JLL's report, which evaluated 26.5 million sf of office space in the city, San Antonio posted a quarterly net absorption of 395,164 sf or 1.5 percent of its total inventory.

Compared to CBRE's findings, JLL found the city's market had a slightly lower vacancy rate of 15.7 percent and higher average direct asking rent of $23.09 per sf, equating to a 0.5 percent increase from the previous quarter.

The national average asking rental rate of $32.28 per sf and a 3.2 percent boost from the prior period. ​​​​

​When all is said and done, JLL Vice President of U.S. Office Research Julia Georgules said in the report that while tenants may continue to exercise some caution, "momentum will continue to build this year, and the overall outlook is positive."​​​​

San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2016/04/08/san-antonio-among-top-three-office-markets-for.htmlRead more at {Source}

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