San Antonio office market has strong first quarter

​​SAN ANTONIO – The Alamo City’s office market kicked off the year with net positive absorption of 24,871 sf, according to a Transwestern office market report. 

Despite 18,900 sf of new construction deliveries year to date, vacancy remained steady at 14.1 percent in first quarter 2018, just below the five-year average of 14.4 percent.

New construction totals reached an all-time high of 1.6 million sf. Average asking rates have also hit a new high of $24.82 per sf, up 5.3 percent year over year.

The metro’s unemployment​ rate remained near a 13-year low of 3.4 percent compared with the national rate of 4.1 percent. Around 2,000 jobs were gained year to date.