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REOC: San Antonio 4Q 2014 officeREOC: San Antonio 4Q 2014 officehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15092015-03-11T07:00:00Z2015-03-11T00:00:00Z

SAN ANTONIO - Despite a relatively quiet fourth quarter, the San Antonio office market closed the year with some impressive numbers, according to the survey of nearly 29 million sf of office lease space.

New leases and expansions inked in 4Q 2014 generated 42,716 sf of positive net absorption, which raised the year-end total to 685,675 sf — the highest level recorded since 2006.

New construction delivered nearly 250,000 sf of new office lease space in 2014 with more than 900,000 sf of speculative space moving through the development pipeline.

Meanwhile, rental rates continue their slow but steady march upward. The average quoted full-service rental rate for area office space now stands at $20.37 per sf per year on a full-service basis which is up $0.65 or 3.3 percent compared to the year-end 2014.

REOC: San Antonio 4Q 2014 Office
All Classes Citywide CBD Non-CBD
4Q 2014 4Q 2013 4Q 2014 4Q 2013 4Q 2014 4Q 2013
Inventory 28,890,361 28,288,300 5,758,224 5,673,787 23,132,137 22,614,513
Direct vacant 5,280,857 5,504,785 1,561,877 1,683,367 3,718,980 3,821,418
Vacant 18.3% 19.5% 27.1% 29.7% 16.1% 16.9%
Average rent $20.37 $19.72 $21.53 $19.95 $20.21 $19.69
4Q absorption 42,716 34,509 -5,361 -1,370 48,077 35,879
YTD absorption 685,675 325,994 211,270 88,196 474,405 237,798

*Statistical information is calculated for multitenant office bldgs. 20,000 sf and larger (excluding single-tenant, owner-occupied, gov't and medical buildings).

See REOC's full report here.

See San Antonio Market Research for more categories.

REOC San Antonio
San Antonio-New Braunfels
Office
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