Activity across the San Antonio medical office building (MOB) market remained robust, with vacancy dwindling 50 basis points (bps) from 15.6% in Q4 2020 to 15.1% in Q1 2021.
Class B triple net (NNN) asking rates grew slightly from $20.04 per sq. ft. to $20.23 per sq. ft. quarter-over-quarter.
New construction slowed down with only three projects currently underway in Q1 2021.
Several developments are expected to break ground in 2021 with 22 MOB projects totaling over 533,000 sq. ft. currently in planning stages.
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