Marcus & Millichap: San Antonio Office Space in High DemandMarcus & Millichap: San Antonio Office Space in High Demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=99582015-07-17T10:12:00Z2015-07-17T00:00:00Z

SAN ANTONIO (Marcus & Millichap) – In the first quarter, the Alamo City recorded one of the fastest year-over-year office-using employment growth rates in the nation, reports Marcus & Millichap in its second-quarter 2015 office market report.

The report said tenants are outgrowing their existing space and looking for new locations, which is accelerating demand for office space.

Among the firm's projections for the remainder of the year:

  • Employers will expand payrolls with the addition of 20,700 jobs, a 2.2 percent gain. Of those, 10,000 will come from the primary office-using sectors. Last year, 31,100 positions were created.
  • Developers are on track to complete one million sf of office space, raising total inventory 1.6 percent. Last year 790,000 sf was completed.
  • Average vacancy will fall 30 basis points to 13.4 percent on net absorption of more than one million sf. Last year, vacancy dropped 80 basis points.
  • Asking rents have been on a steady upward trend, posting modest gains every year since 2007. This year rents will edge up an additional 1.1 percent to $19.42 per sf. Last year, the average rent grew by 1.5 percent.
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