San Antonio Retail Market Report

The CBD revitalizes, while select suburbs emerge. Guadalupe County maintained one of the lowest vacancy rates in the metro, with declines across both single- and multi-tenant segments last year. Tenant demand was bolstered by proximity to New Braunfels and the Interstate 35 Corridor, factors that are likely to maintain low vacancy and a mean rent over $26 per square foot this year. Comal County showcased robust single-tenant fundamentals, with a 90-basis-point vacancy decline and average asking rents exceeding $20 per square foot, due to expanding suburbs and entertainment options between San Antonio and Austin. However, metrowide vacancy increased due to a large concentration of multi-tenant move-outs, a trend that may continue as additional multi-tenant properties deliver in 2026. For example, CBD vacancy rose 100 basis points last year, yet limited construction should cap further increases. Revitalization efforts, such as Project Marvel with the new Spurs Arena, lift the outlook.