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Home » CBRE San Antonio Industrial MarketView Q4 2018
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CBRE San Antonio Industrial MarketView Q4 2018

January 16, 2019
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Vacancy dwindles as tenants move to the Alamo City

TWO SUBMARKETS HEAT UP
Significant activity in the Northwest and South submarkets pushed market-wide absorption to over 1.1 million sq. ft. at the close of 2018. Southern Warehousing & Distribution expanded their market presence by 111,800 sq. ft. in the Northwest submarket. San Antonio-based Comet Signs moved into 166,000 sq. ft. of space at 5003 Stout Drive in the South submarket. In addition to the strong quarterly absorption, multiple leases were signed in Q4 2018 and are set to occupy in 2019. Calendar Club and Dealer Tire inked two deals totaling 324,000 sq. ft. at the I-35 Logistics Center in the Northeast submarket. The two companies are expected to take occupancy in early 2019.

LARGE MOVE INS SHRINK VACANCY
Several large tenants took occupancy in Q4 2018, decreasing the market-wide vacancy rate by 90 basis points (bps) from 9.7% in Q3 2018 to 8.8% in Q4 2018. With over 300,000 sq. ft. of net absorption, the Northeast submarket registered a vacancy decrease of 230 basis points quarter-over-quarter. Class B space in the North Central submarket experienced a slight uptick in vacancy, stemming from a combination of smaller move outs in flex R&D space.

ASKING RENTS INCREASE
San Antonio's flourishing industrial market sparked increases in weighted average asking NNN rents for both warehouse and flex R&D space. Rates in the South submarket trended upward into the $5.00 NNN range for both Class A and B properties. This is largely due to increased demand in the area. Flex R&D space in the Northeast submarket saw rents increase to over $10.00 NNN per sq. ft. in the fourth quarter. With an influx of manufacturers coming to the market, demand for versatile space has increased, which has pushed flex R&D prices up in recent years.

CONSTRUCTION TO DELIVER IN 2019
Deliveries cooled off in the fourth quarter with two speculative developments totaling 122,707 sq. ft. completing in Q4 2018. Additions to the development pipeline included Phase II of Gateway 10 Business Park, which added 175,055 sq. ft. of space underway to the Northeast submarket. Several projects are slated to deliver in the first quarter of 2019, including the 400,400 sq. ft. Logistics Commerce Center park and the 350,000 sq. ft. building at Brooks City Base.

More Info: https://www.cbre.us/research-and-reports/San-Antonio-Industrial-MarketView-Q4-2018

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