Prime industrial product accounted for nearly 185,000 sq. ft. of net absorption as demand for Class A product resumed again this quarter.
Industrial development increased in the San Antonio market, closing the quarter with over 1.6 million sq. ft. under construction and three deliveries amounting to 220,312 sq. ft. in the Northeast submarket.
The market-wide vacancy rate decreased 80 basis points (bps), closing the quarter at 9.0%.
Class A flex R&D average rents matured $1.69 per sq. ft., pushing total average annual rents by $0.50 per sq. ft.
San Antonio’s regional economy expanded again in May 2018 adding 15,500 jobs over the past year.