Though market-wide vacancy is up 1.7 percentage points from Q1 2021, an increase in leasing activity and interest from tenants currently seeking space in the market show signs of recovery for the San Antonio office market in 2022.
New Class A sublease availabilities slowed down with only a 0.4% increase quarter-over-quarter totaling over 564,000 sq. ft. currently available.
According to the Dallas Fed, roughly 138,000 jobs were lost across the San Antonio metro due to the pandemic, and approximately 87.3% of those jobs have recovered since March of 2020.
Market-wide average asking rental rates stood at $26.54 per sq. ft. while Class A rental rates remained competitive at $33.20 per sq. ft. in Q4 2021.