Nov 21, 2013
San Antonio office 3Q 2013 REOC
SAN ANTONIO - Conditions in the San Antonio office market continue to improve, but activity in the third quarter was rather slow. Demand for office space generated only 13,874 sf...
SAN ANTONIO – Conditions in the San Antonio office market continue to improve, but activity in the third quarter was rather slow. Demand for office space generated only 13,874 sf of positive net absorption for the period spanning July through September.
“The slowed demand for office space reflects recent job losses recorded in the latest employment figures – the devil is in the details,” says Kim Gatley of REOC San Antonio.
The average quoted full-service rental rate for area office space climbed $0.14 over the quarter to reach $19.59 per sf per year.
| Submarket | Total Inventory | Total Vacant SF | Vacant | Avg. Quoted Rent Rate |
|---|---|---|---|---|
| CBD | 5,673,787 | 1,681,997 | 29.6% | $19.60 |
| Core NC | 8,447,594 | 1,215,469 | 14.4% | $19.73 |
| Far NC | 2,497,810 | 178,853 | 7.2% | $22.75 |
| NW | 8,290,103 | 1,728,082 | 20.8% | $19.18 |
| Far W | 333,780 | 31,632 | 9.5% | $22.75 |
| NE | 1,979,084 | 296,759 | 15.0% | $15.37 |
| South | 810,267 | 145,528 | 18.0% | $18.01 |
| Totals | 28,032,425 | 5,278,320 | 18.8% | $19.59 |
Source: REOC San Antonio
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