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Market Report

San Antonio Office Market Report

Second Quarter 2019

Urban Rent Growth Headlines Strengthening Office Market; Construction on Track to Surge

 

Downtown office market seeing strong improvement as suburbs sustain steady performance. Relatively affordable costs of doing business and robust population growth are bringing more white-collar jobs to San Antonio as the current cycle extends. Hulu continues its quick pace of hiring, while Ernst and Young plans to anchor its roots even deeper in downtown San Antonio. Urban assets are benefiting from large corporate expansions as rent growth in the core is vastly outpacing its suburban counterpart. The average asking rent in the CBD has increased more than 11 percent over the past two years, while the suburban measure has witnessed just 3 percent growth. Despite this, the suburban office market remains stable as large business and medical parks in northern submarkets stay well leased.

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