NAI: San Antonio office market report

​​​​SAN ANTONIO – The office vacancy rate increased slightly to 10.2 percent from last quarter’s 10 percent while net absorptions declined to 172,321 sf, according to the latest San Antonio office market report by NAI Partners.

Year-to-date office deliveries totaled 1.1 million sf, and more than 435,000 sf of new office is scheduled for delivery by the end of the year.

Asking rents increased by $0.65 per sf quarter-over-quarter to close the third quarter at $21.81. 

Year-over-year rents increased even more to $0.69 per sf.

San Antonio’s leasing activity dipped slightly in the third quarter to 265,000 sf.

The amount of space under construction ended the third quarter at 1.18 million sf, with the most notable project being the 400,000-sf Frost Tower.