Household formation in northern sections brings above-average rent growth. National tenants are taking note of San Antonio’s quickly growing population, supporting the metro’s largest completion total since 2014. Though retailer interest in an Alamo City footprint is growing, elevated construction will outlast strong leasing activity, driving up market vacancy to nearly 5 percent. Despite this, availability in the CBD will remain tight as climbing household growth is bringing more retailers to the core. South San Antonio should also retain its low vacancy mark, hovering near 3.5 percent. Rising marketwide vacancy won’t discourage rent growth, however, as gains will still follow pronounced household formation in northern parts of the metro like Comal County, Northwest San Antonio and North Central San Antonio.