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Market Report

San Antonio Retail Market Report

2Q 2023

Suburban Submarkets Firing on All Cylinders,
But San Antonio’s Urban Core Lags Behind

Sector strength extends across the market. Retail vacancy entered April 2023 at just 3.8 percent, the lowest quarterly rate since 2016. Encouraged by a robust pace of population growth stoked by net in-migration, retailers are expanding their market footprints and fueling net absorption throughout San Antonio. As of the first quarter of 2023, all but one submarket posted a year-over-year vacancy drop or maintained a flat rate. Northwest San Antonio, which holds roughly one-third of the metro’s retail stock, registered an impressive 110-basis-point vacancy decline amid move-ins by consumer electronics and discount retailers, among others. The second-largest submarket by inventory, North Central San Antonio, also recorded a notable 80-basis-point vacancy contraction, with leases signed by a mix of experiential tenants and traditional retailers. 

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