July 31, 2019
San Antonio’s office sector can be summed up in a few words, based on Q2 2019 metrics: Higher asking rents, more construction and better absorption. JLL’s Q2 2019 Office Insight report noted that “absorption numbers finished the quarter well above last quarter’s mark,” while rental rates continue moving upward. Two out of the three brokerages reported positive absorption for the quarter.
CBRE indicated that “Demand for high-quality product” continues pushing asking rents, while deliveries are boosting vacancies. NAI Partners agreed, indicating that “the price of San Antonio’s office space is climbing, as demand grows and development is booming. In terms of outlook, JLL said that, “as 2019 progresses, so does the construction,” with the new Frost Tower in the CBD nearing completion. Other office projects have been announced, and deliveries anticipated, with NAI Partners forecasting continued sector strength for the remainder of the year.
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