REOC: San Antonio 1Q 2014 industrial
SAN ANTONIO – After turning in a tremendous performance in 2013, the San Antonio industrial market recorded a positive but measured start in 2014, according to REOC San Antonio.
According to the survey of nearly 33.7 million sf of industrial lease space, new leases and expansions inked in 1Q 2014 netted 230,787 sf of positive absorption.
1Q 2014 marked a twelfth consecutive quarter of positive net absorption.
Over that period, the citywide vacancy rate tightened from 13.2 percent to 6.7 percent — that is down from 6.8 percent in 4Q 2013 and 9.1 percent recorded in 1Q 2013.
With vacancy on the decline, rental rates are on the rise. The citywide average quoted triple net rental rate for industrial space increased to $7.58 per sf per year – up $0.19 or 2.6 percent compared to 1Q 2013.
| All Types | Citywide | CBD | Non-CBD | |||
| 1Q 2014 | 1Q 2013 | 1Q 2014 | 1Q 2013 | 1Q 2014 | 1Q 2013 | |
| Inventory | 33,668,050 | 32,015,187 | 233,395 | 233,395 | 33,434,655 | 31,781,792 |
| Direct vacant | 2,270,372 | 2,913,519 | 28,548 | 40,460 | 2,241,824 | 2,873,059 |
| Vacant | 6.7% | 9.1% | 12.2% | 17.3% | 6.7% | 9.0% |
| Average rent | $7.58 | $7.39 | $3.60 | $3.48 | $7.61 | $7.43 |
| 1Q Absorption | 230,787 | 318,855 | 0 | 0 | 230,787 | 318,855 |
For the full report and a submarket map, see REOC San Antonio.
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