The San Antonio office market closed the quarter with over 177,000 sq. ft of Class A product absorbed market-wide. Much of the positive activity stemmed from the North Central submarket, where over 262,000 sq. ft. of space was absorbed in newly delivered buildings.
Leasing activity picked up this quarter as availabilities in the Northwest and Northeast submarket shrunk quarter-over-quarter.
The market-wide vacancy rate rose slightly by 10 basis points (bps) from 15.1% in Q3 2020 to 15.2% in Q4 2020.
Market-wide asking rates fell $0.26 per sq. ft. quarter-over-quarter to $21.73 per sq. ft. However, Class A asking rates are up $1.12 per sq. ft. year-over-year to $28.50 per sq. ft. in Q4 2020.