SAN ANTONIO – Local office activity has slowly started picking back up as workplaces began to reopen, says a CBRE report.
Market-wide absorption increased to negative 69,495 in 3Q2020. Vacancy also rose, increasing 30 basis points to 15.1 percent.
Although the overall market experienced another quarter of negative absorption, the Class B market closed the quarter on a high note with positive absorption and an 80-basis point decrease in vacancy.
Average asking rates dropped by $0.37 over the quarter to $21.99 per sf. Class A rates, however, increased from $0.57 quarter over quarter to $28.97 per sf.
There is 1.4 million sf under construction. Last quarter, 58,000 sf came online.
The Real Estate Center has more on San Antonio's office market:
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