SA retail market cools down, labor market heats up
SAN ANTONIO – The metro saw a decline in retail activity this summer, with 326,993 fewer sf of new space underway.
According to CBRE’s 3Q2019 report, there is 923,187 sf of retail space under construction across the metro. Most of the supply is stemming from the northeast and northwest submarkets.
Last quarter, 90,247 sf of space came online.
Marketwide net absorption remained positive but fell to 74,588 sf last quarter. Occupancy also fell to 94.3 percent.
Despite the cooling of retail activity, the labor economy continued to thrive. Employment grew at an annualized rate of 4.8 percent from May to August 2019. Private sector wages also grew to an average of $24.51 per hour last quarter.
Get more Austin-area retail news on the Real Estate Center’s website:
Source: CBRE
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