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SA retail market continues to growSA retail market continues to growhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=142812016-08-19T05:00:00Z2016-08-19T19:00:00Z

​​​SAN ANTONIO – ​The strong second quarter performance featured an impressive 542,735 sf of positive net absorption, according to the survey of more than 47 million sf of retail lease space by the REOC San Antonio and the Xceligent Retail Advisory Board.

At the close of the second quarter, the citywide retail market vacancy rate tightened to 7.8 percent compared with 9.2 percent last quarter and 10.0 percent recorded in the same quarter a year ago. 

“The retail market vacancy rate is expected to remain at sub-ten-percent levels through the end of the year based on the limited number of new projects under construction and healthy demand for space by retailers and restaurants,” says Kimberly Gatley, senior vice president and director of research for REOC San Antonio and member of the Xceligent Retail Advisory Board. 

Less than 125,000 sf of retail lease space is currently under construction throughout the area. 

Although the citywide average rent stepped backwards $0.31 in the second quarter, the current rate of $16.01 is up $0.75 or 4.9 percent compared with this time last year. Asking rents for top-tier shop space can reach into the $40s. New construction typically ranges between the mid-$20s to the mid-$30s.

The local retail market will benefit from the projected 3.4 percent increase in retail sales, forecasted by the National Retail Federation. In addition, the local economy will continue to attract and support expanding retailers and restaurants with steady population growth and a strong housing market. ​​

REOC San Antonio
San Antonio-New Braunfels
Retail
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