San Antonio office 2Q 2013: Marcus & Millichap
SAN ANTONIO – Builders have added approximately 1.2 million sf of office space to the San Antonio market over the past year ending June 2013, up 130 percent from June 2012.
Notable projects delivered include NuStar’s 322,000-sf campus, Nationwide’s 300,000-sf facility in Westover Hills and KCI’s new 100,000-sf headquarters.
Developers in San Antonio continue construction on 225,000 sf of office space. As of midyear, approximately 55 percent of the space under construction had been preleased.
As of second quarter 2013, asking rents for available space in the San Antonio metro averaged $19.19 per sf, a 1.9 percent increase from 12 months earlier. During the corresponding period last year, market rents increased 0.6 percent.
| Rank | Submarket | Vacancy Rate | Asking Rents | Y-O-Y |
| 1 | Comal County | 6.4% | $17.10 | 3.3% |
| 2 | Northwest | 13.0% | $18.82 | 1.2% |
| 3 | Northeast | 13.1% | $17.47 | 1.2% |
| 4 | North Central | 15.7% | $20.80 | 1.1% |
| 5 | South | 16.2% | $14.76 | 1.3% |
| 6 | CBD | 20.7% | $19.33 | 5.6% |
Read more at Marcus and Millichap Real Estate Investment Services.
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