August 14, 2019
San Antonio’s medical office market was a mixed bag in Q2 2019. While the vacancy rate of 16.3% was down 20 basis points (bps) from Q1, the metric ended up being 150 basis points higher year over year. According to NAI Partners’ report, however, net absorption stood at 73,560 square feet versus the -63,617 square feet reported in Q1 2019. Also ticking up slightly was the average asking rent, which closed out Q2 at $23.09.
The report also noted that job growth was mild in the metro, with health and education services adding approximately 1,900 jobs. The economy showed “particular strength in jobs related to health care and social assistance,” NAI Partners’ analysts added. Meanwhile, the unemployment rate was at 3.0% in June 2019.
Pictured: Generic Medical Office Building
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