SAN ANTONIO – The local office market continues to lead with positive absorption into the final stretch of 2018, according to the 3Q 2018 Office Market Report from Transwestern.
New construction in the third quarter reached a five-year high at 1.4 million sf with a prelease rate of 49.1 percent.
Deliveries caused a 14.6 percent vacancy increase, on par with the five-year average of 14.3 percent.
Net absorption in the quarter was positive with a total of 117,490 sf.
Overall asking rates for the metro increased by 64 basis points over the quarter and 10.2 percent over the year, finishing third quarter 2018 at $25.23 per sf full service.
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