San Antonio Office Market Report

Robust demand outpacing supply. An increase in supply additions will place modest pressure on vacancy in San Antonio this year; however, most of the large offices entering the market will be fully leased. The 2025 construction pipeline is concentrated outside of the CBD, with nearly 50 percent of new space opening in New Braunfels. As Comal County keeps growing, firms wanting to move into this submarket will likely choose the build-to-suit path to align property amenities and location with their needs rather than occupying existing space. Meanwhile, a strong office-using core of major tenants, including USAA, Bank of America and AT&T, will continue to help keep vacancy in check within the CBD. Upcoming move-ins will also help vacancy, with Amegy Bank upsizing their local corporate office to a 44,000-square-foot space in the downtown area. Decisions such as this, combined with an ongoing shift back to in-office work, will likely support further vacancy tightening in the CBD after the rate fell 350 basis points last year.