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On the rise: Occupancy, rents & construction

CBRE has released its Q2 2018 San Antonio Industrial Marketview.

On the rise: Occupancy, rents & construction
DC Velocity Staff
By DC Velocity StaffAug 06, 2018
DC Velocity Staff
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CLASS A ANCHORS ABSORPTION ACTIVITY

Prime industrial product accounted for nearly 185,000 sq. ft. of net absorption as demand for higher quality product resumed again this quarter, nearly tripling in the past 90 days as new space requirements triggered strong development activity. Tenants occupied the majority of Class A product in the Northeast market while vacating older Class B facilities in the CBD, Northwest and Northeast.

STRONG MARKET ACTIVITY PUSHES LOW VACANCY

With a growing market base and nearly 4 million sq. ft. of active user requirements, market vacancy has moved between 8% and 10% since 2013 even as the developers completed nearly 8.0 million sq. ft. during the same period. San Antonio saw a slight drop in vacancy from 80 basis points (bps) in Q2 2018, well below San Antonio's cycle high of 15.5% in 2010, and 1.8% below its trailing 10-year average of nearly 11%.

ASKING RENTS ESCALATE

Weighted average asking NNN rents for industrial (warehouse) space registered an increase of $0.25 per sq. ft. quarter-over-quarter and $0.32 per sq. ft. year-over-year. Class A flex R&D average rents matured $1.69 per sq. ft., pushing total average annual rents by $0.50 per sq. ft. Total flex product saw a boost compared to both the previous quarter and year, driven by Class A advances. Meanwhile, Class B space followed the trend bringing an increase in category asking rents by $0.46 per sq. ft. quarter-over-quarter and $0.24 year-over-year.

NEW SPEC DEVELOPMENTS UNDERWAY

Three speculative developments totaling 220,312 sq. ft. delivered this quarter in the Northeast submarket. Construction is ongoing for a total of 13 projects equaling over 1.6 million sq. ft. with six projects recently breaking ground in the Northeast and three in the South submarkets, expected to deliver this year and next.

FLOURISHING EMPLOYMENT GROWTH

San Antonio's regional economy expanded again in May 2018, with 2,500 in the industrial sector. According to Moody's Analytics, defense-related activity, residential construction, and personal services will be key drivers in pushing San Antonio's economic growth above U.S. averages over the course of 2018.

More Info: https://www.cbre.com/research-and-reports/San-Antonio-Industrial-MarketView-Q2-2018

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