San Antonio 1Q 2014 office REOC
SAN ANTONIO - REOC’s first quarter 2014 survey of more than 28.4 million sf of office lease space. New leases and expansions inked this quarter helped to generate 335,672 sf of positive net absorption in the first three months of this year.
That is more than accumulated for all of last year and, particularly, a marked improvement compared to the flat performance recorded in 4Q 2013, which yielded less than 35,000 sf.
Overall, the citywide vacancy rate improved to 18.4 percent compared to 19.5 percent 4Q 2013 and 19.8 percent recorded in 1Q 2013. The citywide average cost for renting Class A space stands at $25.27 — up $0.40 or 1.6 percent compared to a year ago.
| All Classes | Citywide | CBD | Non-CBD | |||
| 1Q 2014 | 1Q 2013 | 1Q 2014 | 1Q 2013 | 1Q 2014 | 1Q 2013 | |
| Inventory | 28,417,306 | 28,051,679 | 5,728,263 | 5,655,355 | 22,689,043 | 22,396,324 |
| Direct Vacant | 5,222,040 | 5,550,560 | 1,596,113 | 1,681,014 | 3,625,927 | 3,869,546 |
| Vacant | 18.4% | 19.8% | 27.9% | 29.7% | 16.0% | 17.3% |
| Average rent | $19.77 | $19.34 | $19.86 | $19.36 | $19.76 | $19.34 |
| 1Q absorption | 335,672 | 120,762 | 120,222 | 21,196 | 215,450 | 99,566 |
| YTD absorption | 335,672 | 120,762 | 120,222 | 21,196 | 215,450 | 99,566 |
Statistical information is calculated for multitenant office bldgs. 20,000 sf and larger (excluding single-tenant, owner-occupied, gov’t and medical buildings.
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