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San Antonio Industrial vacancy rate at 6.2%.
VACANCY AT 6.4% Overall vacancy is at 6.2%, down from this time last year at 6.7%. The occupancy rate of the six buildings totaling 754,000 sq. ft. delivered to the market so far in 2021 stands at 74.8%. Of the 27 properties comprising 8.1 million sq. ft. under construction, the availability rate stands at 16.5%. The asking price for industrial properties is currently at an average monthly rate of $0.56 per sq. ft., up from this time last year at $0.52 per sq. ft. due largely to the new product added to the market.
NET ABSORPTION Demand for San Antonio industrial space is at 1.4 million sq. ft. of net absorption recorded so far in 2021. April 2020 year-to-date registered at 2.5 million sq. ft. In addition, leasing activity—which is comprised of both new leases and renewals—registered 6.5 million sq. ft., due primarily to Amazon signing a 3.8 million-sq.-ft. lease for a fulfillment center at 6806 Cal Turner Dr., dubbed Project Star, in San Antonio’s South submarket. The company plans to occupy the new space once completed in Q1 2022.
SPEC DEVELOPMENT BREAKS GROUND Four Oaks Distribution Center, a speculative San Antonio industrial facility in Schertz, Texas, just outside San Antonio, started construction at 17670 Four Oaks Lane, adjacent to the Tri-County Industrial Park. The building, totaling 170,000 sq. ft., can accommodate a single user or multiple tenants. Construction on Four Oaks Distribution Center is set to last about nine months with a tentative completion date in the fourth quarter of 2021. The development’s location to San Antonio and Austin enables distribution centers to reach over two million customers within the hour.
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