SAN ANTONIO - Demand for quality office space pushed new construction levels to an all-time high in 2015.
The realization of this increase is evident in 2016, according to Transwestern's 2Q 2016 Office Market Spotlight.
New deliveries average 52.4 percent occupancy rate. Further, rental rates for new office developments are quoted at an average of $23.17 triple net per sf.
Projects currently under construction total 543,641 sf over six buildings with approximately 8.3 percent preleased. All preleasing activity is The Bank of San Antonio's own building, where they will occupy 44,879 sf.
Notably, of the 308,000 sf of net product delivered in 2016, approximately 24 percent is currently occupied.
Also, take a look at San Antonio Office Market Research for data from a variety of sources.
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