NAI REOC San Antonio 2Q 2012 medical report
SAN ANTONIO – Demand for medical-office space has remained strong and San Antonio-area medical office properties continue to move forward, says Kim Gatley of NAI REOC San Antonio.
New leases and expansions inked in second quarter generated 50,854 sf of positive net absorption within the medical office market which raised the year-to-date figure to 86,111 sf of total net gain.
The medical market vacancy rate also improved to 19.0 percent compared to 19.7 percent in 1Q 2012 and 20.6 percent recorded in 2Q 2011.
The average quoted rental rate ticked up three cents over the quarter to reach $23.37 per sf per year on a full-service basis. The average price for top-tier, Class A medical space remained relatively flat at $26.98.
| 2Q 2012 Submarket | Total Inventory | Total Vacant SF | Vacant | Avg. Quoted Rent Rate |
| CBD | 1,011,408 | 144,023 | 14.2% | $19.77 |
| Core NC | 286,383 | 31,541 | 11.0% | $23.91 |
| Far NC | 1,063,440 | 291,915 | 27.5% | $28.64 |
| NW | 2,435,590 | 480,964 | 19.7% | $22.41 |
| Far West | 189,046 | 19,545 | 10.3% | $27.81 |
| NE | 525,027 | 124,826 | 23.8% | $23.70 |
| South | 606,337 | 71,801 | 11.8% | $22.10 |
| Totals | 6,117,231 | 1,164,615 | 19.0% | $23.37 |
Source: NAI REOC San Antonio
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