REOC: San Antonio 4Q 2014 office | REOC: San Antonio 4Q 2014 office | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=1509 | 2015-03-11T07:00:00Z | 2015-03-11T00:00:00Z |
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.
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