The San Antonio Commercial Real Estate Market

Key Takeaways

• San Antonio offers investors a combination of steady population growth, a diversified employment base, and below-national-average living costs, which supports long-term demand across industrial, retail, office, and multifamily assets.
• Industrial and multifamily sectors are in a near-term rebalancing phase, with elevated vacancy and softened rents creating more favorable entry points for buyers targeting well-located assets with long-term upside.
• Retail fundamentals remain comparatively strong, with low vacancy and consistent absorption driven by population growth, tourism, and expanding suburban submarkets, making neighborhood and service-oriented retail particularly attractive.
• Office assets present a more selective opportunity set, as higher vacancy and longer marketing periods favor investors focused on repositioning, value-add strategies, and acquiring quality space at discounted pricing.

San Antonio continues to stand out as a market with meaningful long-term potential, drawing interest from investors, developers, and tenants across Texas and beyond. Its supply of buildable land, competitive pricing, and business-friendly legislation fuel consistent growth and interest across the local commercial real estate market.

Crexi equips buyers, sellers, and brokers with an efficient platform for researching, evaluating, and executing commercial real estate deals. To date, the marketplace has supported more than $615 billion in closed transactions and listed over $7 trillion in property value.

We’re proud to serve San Antonio and surrounding communities, including New Braunfels, Boerne, Floresville, and Pleasanton, by offering data-rich insights, marketing tools, and lead management features that help CRE professionals work smarter and more efficiently.

San Antonio Commercial Real Estate Overview

San Antonio has long been known for its deep cultural roots and strong sense of community, but its economic story continues to evolve. Today, the city blends steady population growth with an expanding commercial footprint, creating an environment where development and investment are both accessible and future-focused. Its strategic location near major state and interstate corridors also positions the region as a critical link between Central Texas, the Gulf Coast, and cross-border trade routes.

For CRE stakeholders, San Antonio’s appeal comes from consistency as much as growth. The metro has added households at a reliable pace, supported by a lifestyle that balances affordability with big-city amenities. This stability has encouraged ongoing construction in industrial, retail, and mixed-use spaces, while adaptive-reuse projects in and around downtown continue to refresh older corridors. The city’s diversified economy, spanning government, military operations, healthcare, cybersecurity, and advanced manufacturing, creates a wide base of demand for commercial space without overreliance on any single sector.

Investors often look to San Antonio for its approachable entry costs and long-term upside. Tenants appreciate the city’s quality of life and expanding service offerings. Developers benefit from a pro-growth regulatory environment and a steady stream of new residents. Together, these forces give San Antonio’s CRE landscape a sense of forward motion, with opportunities emerging in both established districts and fast-growing suburban communities.

San Antonio Regional Context

San Antonio’s steady population growth has played a major role in shaping the region’s economic outlook. More people continue to move into the metro for its affordability, strong sense of community, and overall quality of life, creating a larger workforce and a broader customer base for local businesses. 

The city’s younger-than-average population also brings new energy to the market, helping support long-term expansion across key industries. Add in San Antonio’s growing reputation as a top travel destination, and the result is a metro that continues to attract attention from employers, residents, and investors alike.

• San Antonio is home to more than 1.45 million residents, with over 2.7 million living in the greater San Antonio-New Braunfels metropolitan area. 
• San Antonio was ranked as the fourth fastest-growing city in the US, with Texas cities taking 3 of the top 5 spots. 
• Since 2020, the population of San Antonio has increased by more than 6%, averaging a growth rate of about 1.59% per year.
• The median age in San Antonio is 34.6, younger than both the overall Texas and US figures.
• Median household income in the San Antonio metro area is $73,195, while the per capita income is $37,260.
• The cost of living in San Antonio is about 9% lower than the national average, with housing being one of the biggest sources of savings.
• San Antonio regularly receives recognition as a US tourist destination, winning awards such as the US City of the Year and Best Food City in the JRNY America Awards 2024. A recent survey found that San Antonio saw a 99% increase in online searches among prospective travelers, the most significant year-over-year increase in the US.

San Antonio Job Market

San Antonio’s job market has continued to expand at a steady pace, even as many regions across the country faced slower hiring. The metro added tens of thousands of jobs over the past year, outpacing national growth rates and reinforcing the city’s reputation for economic resilience. Stable unemployment levels and broad sector growth highlight the strength of its employer base. Paired with Texas’s long-standing pro-business environment, this steadiness keeps San Antonio well-positioned for continued expansion and long-term opportunity.

• The total GDP of the San Antonio metropolitan area reached $182 billion in 2023, rising nearly 36% since 2020.
• The unemployment rate is 4.4% as of August 2025, with steady growth in the education and health services, leisure and hospitality, construction, and trade, transportation, and utilities sectors.
• San Antonio’s key industries include aerospace, automotive manufacturing, information technology, cybersecurity, sustainable energy, bioscience, and corporate services.
• Major employers in San Antonio include H-E-B, USAA, Methodist Healthcare System, Rush Enterprises, Whataburger, and HOLT Group, all of which maintain their headquarters in the area. The University of Texas Health Science Center at San Antonio is also a top employer, as are the four major military installations that comprise Joint Base San Antonio (JBSA). 
• For 15 years in a row, Texas has been named the best US state for business by Chief Executive Magazine. 
• In the Milken Institute's 2025 Best-Performing Cities Index, San Antonio ranked well in job and wage growth, also performing well in overall economic opportunity (which considers community resilience, affordable housing, and other key factors). 
• State and city programs such as the Texas Enterprise Fund and San Antonio Economic Development Incentive Fund help nurture a business-forward climate.
• Renowned educational institutions in the region include University of Texas at San Antonio, Trinity University, and St. Mary’s University.
• San Antonio’s transportation infrastructure includes key streets like Roosevelt Avenue and Mission Road, the I-35 corridor, a comprehensive public transit system, and the San Antonio International Airport (SAT).

San Antonio Industrial Market

San Antonio’s industrial market is moving through a period of adjustment as a wave of newly delivered space continues to outpace tenant demand. Vacancy has widened as a result, but interest from logistics, manufacturing, and distribution users is staying strong - just more selective than in recent years. Developers are still bringing modern facilities to the market, and several large leases show that well-located, quality space is finding traction. Conditions are expected to rebalance, giving tenants more options today while setting the stage for a steadier market ahead.

Market overview (Cushman & Wakefield Q3 2025 San Antonio Industrial Report) 

• Inventory: 138,881,627 SF
• Vacancy rate: 11.7% 
• Absorption: -566,517 SF (YTD)
• Key leases by tenant: Johnson Brothers of Texas (306,000 SF), Nippon Express U.S.A. Inc. (210,740 SF), Millennium Packaging (84,000 SF)
• Under construction: 1,824,658 SF 
• Completions: 4,320,283 SF
• Largest submarkets: Northeast, South, Comal County

Crexi Insights

San Antonio Office Market

The office market in San Antonio continues to evolve as tenants rethink their needs and landlords adjust to softer demand. Vacancy has edged higher, but leasing activity is still taking place, especially among companies seeking quality space at competitive terms. With no new development underway, the market is shifting its focus toward upgrading existing buildings and creating flexible, move-in-ready options that appeal to today’s users. Even though there are challenges, the landscape still offers opportunities for tenants and owners who are able to adapt.

Market overview (Cushman & Wakefield Q3 2025 San Antonio Office Report)

• Inventory: 50,356,651 SF
• Vacancy rate: 16.8%
• Leasing activity: 1,402,054 SF (YTD)
• Absorption: -502,195 SF (YTD)
• Key leases by tenant: Mytech Partners (20,754 SF), Cross (16,367 SF), Water and Fire Restoration (15,537 SF) 
• Under construction: 0 SF
• Largest submarkets: Northwest, North Central, Central Business District

Crexi Insights

Crexi provides up-to-date data on the San Antonio office market. Here are the most recent lease and sales trends (as of December 2025):

For Lease (active)

• Asking rate/SqFt (median): $21 per year
• Median SqFt/listing: 1,960 SF
• Days on market: 263
• Total listings on Crexi: 1,767 spaces

For Sale (active)

• Median asking price: $1.2 million
• Price/SqFt: $199 
• Asking cap rate: 6.7%
• Days on market: 206
• Total listings on Crexi: 206 listings totaling 115.7 million SF

Sales Comps (past 12 months)

• Median sold price: $675,000
• Sold price/SqFt: $210
• Total sales volume: $604.6 million
• Median SqFt sold/transaction: 3,354 SF
• Days on market (median): 258
• Total SqFt sold: 1.3 million

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San Antonio Retail Market

The San Antonio retail market is the picture of steady resilience, even as new deliveries and shifting demand create pockets of softness. Vacancy remains low by national standards, giving many retailers confidence to expand and helping maintain a stable leasing environment. Activity is still driven by a mix of national brands and local operators looking for well-located space in growing submarkets. With ongoing construction and consistent tenant interest, the regional retail sector is relatively balanced and well-positioned for steady momentum in the months ahead.

Market overview (Partners San Antonio Retail Market Report Q3 2025)

• Inventory: 125,237,308 SF
• Vacancy rate: 4.3%
• Leasing activity: 632,968 SF
• Absorption: 81,810 SF (Q3 2025)
• Under construction: 1,443,751 SF 
• Largest submarkets: Northwest, North Central, Northeast

Crexi Insights

San Antonio retail lease and sales trends from Crexi Insights (as of December 2025):

For Lease (active)

• Asking rate/SqFt (median): $23 per year
• Median SqFt/listing: 2,273 SF
• Days on market: 261
• Total listings on Crexi: 1,217 spaces

For Sale (active)

• Median asking price: $1.2 million
• Price/SqFt: $286
• Asking cap rate: 6.5%
• Days on market: 161
• Total listings on Crexi: 303 listings for a total of 4 million SF

Sales Comps (past 12 months)

• Median sold price: $952,900
• Sold price/SqFt: $165
• Total sales volume: $931.6 million
• Sold cap rate: 7.2%
• Median SqFt sold/transaction: 5,609 SF
• Days on market (median): 265
• Total SqFt sold: 2.5 million

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San Antonio Multifamily Market

San Antonio’s multifamily market is working through a period of adjustment as new supply continues to ease into the pipeline. Vacancy has inched up, but leasing activity remains steady, showing that there is still renter demand even as the market recalibrates. Development has begun to slow to a more sustainable pace, helping create conditions for a healthier market over time. While rent growth has softened, the overall market remains stable, with strong absorption indicating that residents are still choosing San Antonio as a place to live and work.

Market overview (Cushman & Wakefield Q3 2025 San Antonio Multifamily Report)

• Total housing units: 1,081,788
• Inventory: 221,855 units
• Vacancy rate: 12.2%
• Average effective rent/unit: $1,240
• Rent growth: -3.1% year over year
• Absorption: 5,423 units (YTD)
• Submarkets with highest monthly rent: Midtown ($2,091), Downtown ($1,521), Kendall County ($1,442)

Crexi Insights

Here are the most recent San Antonio multifamily insights from Crexi (as of December 2025):

For Sale (active)

• Median asking price: $1 million
• Price/SqFt: $139
• Price/Unit: $137,300
• Asking cap rate: 6%
• Days on market: 153
• Total listings on Crexi: 83 listings totaling 2.3 million SF

Sales Comps (past 12 months)

• Median sold price: $321,900
• Sold price/SqFt: $129
• Sold price/unit: $190,700
• Total sales volume: $1.4 billion
• Sold cap rate: 9.8%
• Total SqFt sold: 7.5 million
• Days on market (median): 215

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Get more in-depth San Antonio market data with Crexi Intelligence.