Figures
San Antonio Office Figures - Q1 2025
April 10, 2025 5 Minute Read
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- San Antonio’s office market saw negative total net absorption in Q1 at –102,296 sq. ft. marketwide. Class A office space experienced positive net absorption of 119,690 sq. ft., while Class B and C space saw a combined total of –221,986 sq. ft., reflecting occupiers’ continuing preference for new and high-quality space.
- Class A vacancy is down 50 basis points (bps) quarter-over-quarter to 21.3%, and new tenants and owner/users are set to absorb some of the larger existing vacancies in coming quarters. Class B vacancy climbed 110 bps to 20.1% in Q1.
- Meanwhile, Class A and Class B asking rates continue to diverge, averaging $34.78 FSG/yr and $26.32 FSG/yr respectively in Q1. Because asking rates are calculated based on available space, less desirable (and therefore more available) space is likely skewing overall average rents downward; in reality, trophy Class A+ assets in Midtown and the CBD are commanding maximum rates between $60.00 and $65.00 FSG/yr.