The first quarter closed on a high note with over 870,000 sq. ft. of positive net absorption across the San Antonio-New Braunfels metro.
High volumes of absorption caused vacancy to decrease by 110 basis points (bps) from 14.9% in Q4 2020 to 13.8% in Q1 2021.
Fourteen projects totaling over 6.3 million sq. ft. were added to the construction pipeline in Q1 2021. This is the most space the San Antonio industrial market has seen underway at once in over a decade.
Pre-leasing activity remains strong, with 74.5% of construction underway already leased.