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San Antonio, TX

Apartment
Despite more than 4,400 new apartments completing construction for the third year in a row, vacancy continues to fall in the 169,536-unit San Antonio apartment market, according to Reis. The fourth quarter 2016 vacancy rate was just 5.0%, down 100 basis points over the year and 90 during the fourth quarter. Vacancy held at 5.0% in January 2017. The average asking rent increased 3.0% in 2016 to $871 per month, with the average effective rent up 3.3% to $837 per month. The fourth quarter gains were 0.4% and 0.5%, respectively. Overall rents edged up 0.2% by both asking and effective in January 2017. VIEW APARTMENT LISTINGS >
Industrial
San Antonio’s 41.75-million-square-foot warehouse/distribution competitive space market finished 2016 in balance, with a vacancy rate that was down 20 basis points over the fourth quarter to 8.3%. The rate was up 40 basis points during 2016. The average asking rent was up 2.2% during 2016 to $5.06 psf, with the average effective rent up 2.4% to $4.73 psf. The fourth quarter gain was 0.6% by both measures. The warehouse/distribution vacancy rate slipped to 8.2% in January 2017, with rents up 0.2% by both measures over the month. The 8.96-million-square-foot San Antonio Flex/R&D market had a quiet year in 2016, with no space completing or under construction and the vacancy rate edging up 10 basis points to 6.5%. The average asking rent was up 2.0% over the year $8.27 psf, with the average effective rent up 2.2% to $7.60 psf. The vacancy rate fell 30 basis points in the fourth quarter but rose 30 in January 2017. The fourth quarter rent gain was 0.4% asking and 0.5% effective, and gains of 0.2% and 0.1%, respectively, followed in January. VIEW INDUSTRIAL LISTINGS >
Office
San Antonio’s 29.8-million-square-foot general purpose, multi-tenant office market tightened in the second half of 2016, as 179,000 square feet of Class B/C space was removed from the inventory. The overall vacancy rate, at 16.6%, was down 110 basis points for the quarter and 170 during 2016. The rate slipped to 16.5% in January 2017. Rent gains were limited in 2016 despite a strong fourth quarter. The average asking rent increased 0.6% over the quarter to $21.00 psf, and the average effective rent rose 0.7% to $16.83 psf. The annual increase was 1.3% by both measures. Overall rents increased by 0.1% asking and 0.2% effective in January 2017. VIEW OFFICE LISTINGS >
Retail
The vacancy rate fell into the single digits at year-end 2016 in the 29.8-million-square-foot San Antonio community-neighborhood shopping center market, and rent gains picked up. Three small projects added 115,000 square feet within Reis submarkets during the fourth quarter; but net absorption totaled 151,000 square feet, and the vacancy rate fell 20 basis points to 9.8%. The average asking rent was up 1.1% over the year to $15.90 psf, with the average effective rent up 1.3% to $14.15 psf, mostly due to a gain of 0.9% by both measures in the fourth quarter. The rate was 9.7% in January 2017, with average rents up 0.1% by both measures for the month. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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