The San Antonio Commercial Real Estate Market

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The San Antonio Commercial Real Estate Market

As one of Texas’ fastest-growing metros, San Antonio attracts commercial real estate investors and tenants nationwide with its plentiful undeveloped land and promising cap rates.

The development-friendly metro area is home to millions, with nearly 70 people arriving in the city daily. Crexi is thrilled to connect individuals interested in San Antonio commercial property with the tools they need to research, analyze, and acquire San Antonio investment assets.

Brokers nationwide and those specializing in San Antonio can harness Crexi’s robust lead management and listing tools to expand their network, save time, and close more deals. As of this writing, Crexi’s CRE tools have navigated over $330 billion in commercial property transactions to close and listed more than $2 trillion in assets.

Crexi is proud to serve San Antonio, New Braunfels, Boerne, Floresville, Pleasanton, and the surrounding areas as the region’s fastest-growing online CRE platform.

The State of San Antonio Commercial Real Estate 

San Antonio is ranked among the top 10 office markets by the National Association of Realtors, cementing the metro area’s reputation as one of the country’s best commercial real estate markets.

Located in the southwestern corner of Texas, San Antonio anchors one corner of the Texas Triangle and is part of the Austin-New Braunfels-San Antonio megaregion. The metro area boasts some of the US’s most significant population gains since 2010 and has seen the number of high-paying jobs skyrocket over 150% since 2015.

The city began as a trading post in the early 1700s with The Alamo. It is now home to a diverse and thriving economy, with the nation’s #1 grocery chain and more than 1,000 tech companies located in Greater San Antonio.

San Antonio Regional Breakdown

San Antonio ranks #7 among top 10 major metros with the most significant population gains between 2010 and 2020, just behind other Texas cities like Houston, Austin, and Dallas-Fort Worth. Low taxes, an affordable cost of living, and a pro-business government are three of the many reasons why both people and businesses keep coming to San Antonio:

The San Antonio Job Market

Economic indicators in San Antonio are overwhelmingly positive, with jobs appearing at a steady pace, a large percentage of which are high-paying. In fact, between 2015 and 2020, the number of high-paying jobs in San Antonio increased by over 160%

The transportation infrastructure of metro San Antonio includes:

  • Union Pacific freight rail service.
  • Four interstate highways.
  • The San Antonio International Airport, located in uptown San Antonio.

San Antonio Industrial Market

Net absorption of San Antonio industrial space increased 3.3% year-over-year, driven by increased demand from e-commerce tenants and the metro area’s growing reputation as a top commercial real estate market. Asking rents and net absorption should continue rising this year, as industrial and warehouse space in San Antonio becomes increasingly harder to find:

  • Total industrial inventory: 119,652,496 SF
  • Average asking rent: $7.05 per SF per year, overall, NNN
  • Vacancy rate: 4.4%
  • Absorption: 4.3 million SF in 2021
  • Key lease transactions by tenant: Amazon with four new leases totaling 317,000 SF, and multi-media content company Klip for nearly 52,000 SF
  • New construction: 4.3 million SF completed in 2021 with 8.9 million SF under construction
  • Largest industrial submarkets: Northeast, South, Comal County

Discover San Antonio industrial space for rent.

San Antonio Office Market

Economic growth in the metro area has been slow and steady, and predictability is a trend that many investors in San Antonio office buildings desire. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021.

  • Total office inventory: 48,770,948 SF
  • Average asking rents: $23.89 per SF year, full service gross, all classes
  • Vacancy rate: 13.4%
  • Absorption: 476,316 SF in 2021
  • Leasing activity: 2.1 million SF YTD 2021
  • Key leases by tenant: Elliot Connection for 38,300 SF, Air Force Credit Union for 31,600 SF
  • New construction: 1.3 million SF currently under construction
  • Key sales by property: Nationwide Westover Hills Center, Pyramid Building, University Park Tech Center I & II
  • Largest office submarkets: Northwest, North Central, Central Business District 

Discover San Antonio office space for lease. 

San Antonio Retail Market

The San Antonio retail market continues to outperform, with net absorption in 2021 reaching the highest annual total since 2016. Retail leasing in San Antonio has remained resilient despite the pandemic, with leasing activity up 46% in Q4 2021 compared to the same period in 2020, helping to keep vacancy rates in the market low.

  • Total retail inventory: 115,850,579 SF
  • Average asking rent: $17.00 per SF per year, NNN
  • Vacancy rate: 4.8%
  • Absorption: 1.7 million SF in 2021
  • Leasing activity: 654,297 SF in Q4 2021, an increase of 45.6% year-over-year
  • New construction: 813,535 SF delivered YTD with 866,444 SF currently under construction
  • Investment sales trends: $847.9 million in 2021, with private investors accounting for 39% of the buying volume
  • Largest retail submarkets: Northwest, North Central, Northeast

Discover San Antonio retail property for lease.

San Antonio Multifamily Market

Multifamily vacancies in San Antonio have reached their lowest point since 2017, with apartment demand driven by a strengthening economy and improving market fundamentals. Asking rents are up 7.6% year-over-year, helping to push the sales price for apartment buildings in San Antonio higher.

  • Total housing units: 914,421
  • Renter occupied: 37%
  • Average asking rent: $1,064
  • Rent growth: 7.6% year-over-year
  • Vacancy rate: 5.3%
  • New construction: 3,181 units delivered through Q3 2021, with 10,667 units currently under construction
  • Investment sales trends: Median sales price per unit $133,400, 4.2% average cap rate year-to-date, 80 basis points lower than in 2020
  • Median household income: $62,355
  • Per capita income: $29,802

Discover San Antonio multifamily property for sale.

How Crexi Connects Buyers and Tenants to San Antonio Commercial Real Estate

Principals and organizations seeking San Antonio commercial property for sale can efficiently browse options thanks to Crexi’s simplified search functionality and sizable listing marketplace.

Prospective San Antonio tenants and buyers can explore through the hundreds of regional commercial properties for lease or for sale with a few simple clicks. Thanks to Crexi’s advanced search capabilities, buyers can quickly narrow their search by parameters including square footage, asset type, cap rate, subtypes, leasing rate per square foot, vacancy, and neighborhood.

Once their perfect property is discovered, buyers and tenants can easily engage with the listing broker to indicate interest. Users can also download PDFs, request more information, and even submit a letter of intent (LOI) right on the property page.  

Intelligence Equips Investors with Data and Market Knowledge 

When it comes to commercial real estate, data and research are essential to making informed, high-stakes investment decisions. Crexi Intelligence offers property seekers a database of the most up-to-date and relevant in-market information with which to analyze prospective properties.

Intelligence’s library contains millions of property records, sales comparables, and real-time information about any market — including San Antonio — with details such as average asking square footage, and demographic data on every property page.

Intelligence is available to buyers, sellers, and tenants on a subscription basis.

How San Antonio Brokers Thrive with Crexi

San Antonio brokers market more than 600 properties for sale and over 2,200 listings for lease on Crexi just within the city limits. San Antonio commercial agents utilize Crexi’s listing platform to market promising assets in San Antonio’s hotspot commercial real estate market, ripe with development opportunities, a growing population, and one of the nation’s lowest unemployment rates. 

Commercial agents in San Antonio harness Crexi’s robust broker tools to get their properties in front of thousands of leads nationwide. With the broker dashboard, agents access real-time lead insights into buyers and tenants alike, allowing them to connect with high-value leads instantly.

San Antonio commercial brokers can list properties across different asset classes, including: 

  • Land parcels
  • Multifamily developments
  • Industrial buildings
  • Offices
  • Retail properties
  • Mixed-Use buildings
  • Hospitality
  • Non-traditional properties such as data centers, self-storage, etc.

Crexi’s online tools empower San Antonio commercial real estate brokers to navigate their clients’ properties from listing through escrow. Brokers can even house and process due diligence paperwork online, thanks to Crexi’s secure file storage.

And while Crexi’s free broker tools are powerful, Crexi’s real advantages emerge with Sale PRO, Lease PRO, and All PRO

Crexi PRO Dashboard 2020

Crexi’s All PRO Membership

Crexi PRO equips San Antonio brokers with advanced tools to build out deal pipelines and win more business. Highly detailed lead and contact information, organized for easy management and reporting, allows brokers to prioritize connections, simplify outreach, and engage with the highest value leads.

PRO also affords brokers advantageous marketing perks, including preferential tile placement at the top of search pages and weekly email blasts to a database of hundreds of thousands of active users. Thanks to Crexi’s machine learning-powered database, each email contains highly curated property lists and wins 10-15% more clicks than industry benchmarks.

PRO users also can access Intelligence at no additional cost, allowing them to enhance in-market knowledge and provide additional value to their clientele.

Using Crexi PRO, brokers can easily engage with the more than 160,000 leads interested in San Antonio in the last two years and the over 12.5 million leads nationwide who searched using Crexi in 2021.

On average, Crexi PRO users successfully collect 125% more leads and win up to eight times more deals than non-PRO subscribers. 

Contact to learn more about All PRO.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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