May 9, 2016
Sirell to extend NW commercial market along Loop 1604
SAN ANTONIO - Sirell Real Estate Service is planning a new corporate park on Loop 1604 that will extend Northwest San Antonio's growth even further.Sirell is preparing to break ground on...
SAN ANTONIO – Sirell Real Estate Service is planning a new corporate park on Loop 1604 that will extend Northwest San Antonio’s growth even further.
Sirell is preparing to break ground on the Teralta Corporate Park next month on a site spanning about 12 acres. The park is expected to be delivered by August 2017.
Plans include two single-story buildings providing 30,000 sf in one and 28,000 sf in the other.
The project adds to a submarket that accounts for nearly 88 percent of the city’s new office development and that has expanded in every direction to accommodate increasing demand, population and activity.
The site is on the northwestern quadrant of the Loop 1604 and Lockhill Selma intersection at 4939 N. Loop 1604 W., a few hundred feet from Stream Realty Partners’ recently completed Lockhill Crossing office development.
While the submarket posts the highest vacancy at 22 percent, it also has the largest inventory with 11.2 million sf and the strongest absorption with 106,126 sf leased during first quarter 2016.
Rents have softened slightly due to the continued influx of additional space, but developers are still getting about $23 per sf, which is directly behind the Far North Central and Northeastern submarkets.
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