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Vacancy rate at 7.2%. Overall vacancy is at 7.2%, up from this time last year at 6.1%. The occupancy rate of the 5.1 million sq. ft. delivered to the market over the last 14 months stands at 67%.
Vacancy rate at 7.2%. Overall vacancy is at 7.2%, up from this time last year at 6.1%. The occupancy rate of the 5.1 million sq. ft. delivered to the market over the last 14 months stands at 67%, and of the 5.3 million sq. ft. under construction, 61% has been spoken for. The vacancy rate for Class A properties is at 17.4%, up from the prior period at 14.4%. While the asking price for industrial properties has steadily grown over the past few years, it is currently at an average monthly rate of $0.50 per sq. ft. with slight fluctuations during the time in between.
New $110 million manufacturing plant. Continental, a German automotive technology company, is planning a new $110 million manufacturing facility in New Braunfels, located about 32 miles northeast of San Antonio. The 215,000-sq.-ft. plant will be used to produce parts for advanced driver assistance systems such as blind-spot detection and emergency brake assist. The new facility will be located 15 miles from the company’s 320,000-sq.-ft. plant in Seguin, operating as Vitesco Technologies. Construction on Continental’s New Braunfels plant is set to begin by Q2 2020, with production scheduled to start in 2021.
Healthy job growth in fourth quarter. Recent solid job growth and a lower unemployment rate suggests continued growth in the San Antonio economy. In December, the metro unemployment rate dropped to 3.0%, while the state jobless rate ticked up to 3.5%, and the nation remained at 3.5%. Payrolls in San Antonio grew at an annualized pace of 4.1% in Q4 2019. Of the major job sectors, construction posted job gains of 2,160 net jobs; leisure and hospitality registered 4,190 jobs; and manufacturing with 1,200 jobs. Areas of job losses included mining at 370 net jobs and professional and business services with 1,400 job losses.
Director of Research
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