SA retail demand strong, vacancy downSA retail demand strong, vacancy downhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=144172016-09-02T05:00:00Z2016-09-02T17:00:00Z

​​SAN ANTONIO – Steady population growth and favorable demographic trends continue to bode well for the local retail market, according to Marcus & Millichap's third quarter 2016 market report.

The firm expects vacancy to tighten in the coming months as tenant demand remains "robust."

Among Marcus & Millichap's other local projections for the remainder of 2016:

  • Employment will expand by 2.2 percent from 2015 as 21,500 workers are added. Area employment advanced 2.7 percent last year when 25,900 jobs were generated.
  • Developers will complete 700,000 sf of retail space this year, matching last year’s deliveries.
  • Vacancy will remain tight this year as more than 1.9 million sf of retail space is absorbed. The rate will fall to 4.2 percent by the end of this year, down 120 basis points from 2015. Last year, vacancy declined 40 basis points.
  • Tight conditions will encourage rent growth to resume this year. Average asking rent will rise 1.4 percent year over year to $15.23 per sf at year end. In 2015, the average ticked down 0.1 percent.
Marcus & Millichap Real Estate Investment Services
San Antonio-New Braunfels
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