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Market Report

San Antonio Office Market Report

4Q 2023

Flight-to-Quality and Post-Pandemic Preferences
Deluge San Antonio with Vacant Lower-Tier Space

Firms strive to attract in-person workers. A broad-based return to office has seemingly stalled, as some companies find it cost-efficient to utilize hybrid models and others cite challenges recruiting employees to in-person roles. One strategy that organizations have deployed is to increase the appeal of their in-office environment by seeking highly-amenitized spaces and short commutes to major residential hubs. This was evident in the CBD, North Central, Northeast and Northwest San Antonio over the past year. All four areas recorded positive Class A net absorption during the span ended in June. An extension of this trend, Guadalupe County — encompassing fast-growing suburbs like Seguin — had positive net absorption across all quality tiers in seven of the past eight quarters.
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