Occupancy is at 94.7%, down 30 basis points from this time last year. Of the 1.1 million sq. ft. currently under construction, the availability rate stands at close to 50%.
Market fundamentals. Occupancy is at 94.7%, down 30 basis points from this time last year. Of the 1.1 million sq. ft. currently under construction, the availability rate stands at close to 50%. The San Antonio retail market has recorded 876,000 sq. ft. of leasing activity— which is comprised of both new leases and renewals—down 58.5% from one year ago. In addition, the net amount of square feet absorbed (move-ins minus move-outs) stands at 129,000 sq. ft., with new supply delivering 678,000 sq. ft. to the market this year, of which 72.5% is occupied. The average asking rate of renting retail space in San Antonio is at $16.85 per sq. ft. on a triple net basis, an 8% increase compared to this time in 2019 at $15.60 per sq. ft.
Woodlake Crossing changes hands. One of the largest sales transactions to take place in 2020 is the 159,703-sq.-ft. retail power center, Woodlake Crossing, located in Northeast San Antonio. The portfolio of five retail properties sold in May 2020 for $5.5 million ($34/SF), according to CoStar data. Inventrust Properties Corp. sold the shopping center to Elm Creek Real Estate who already owned the previously occupied shadow-anchor, Target property. Current tenants at the time of sale include Ross and Petco.
Pending sales show promise for a strong June. According to the San Antonio Board of REALTORS®, a total of 2,869 homes were sold in the San Antonio area in May, down 20% from this time last year. This continues a decline after an 8% year-over-year drop in April. The average home price in San Antonio was up 3% from this time in 2019, with an average time on the market of 62 days. Looking ahead, pending sales from May into June were up 20% from last year, indicating that the market could be rebounding.
Director of Research
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