San Antonio, TX Economic Overview
With over 1.4 million residents, San Antonio is not only the second-largest city in Texas by population, but also one of the fastest-growing cities in the country. That makes for a very healthy economy and a thriving San Antonio commercial real estate market.
The San Antonio economy is heavily invested in sectors such as the military, financial services, energy, healthcare, food services, tourism, and retail. It is also growing rather quickly, with an over 5% growth in GDP from 2014 to 2015. The city receives over 30 million visitors a year, and, while many are drawn by San Antonio’s history and attractions, roughly 20% visit for business. Moreover, San Antonio is perfectly located as a distribution hub for inner Texas, as well as between Texas and other regional economies.
San Antonio, TX Commercial Real Estate Market
San Antonio has over 37 million square feet of office space and, as one of the largest cities in the continental U.S. by land area, there’s plenty of room to grow and expand alongside the city’s booming economy. Much of the existing San Antonio office space serves its strongest economic sectors, such as financial services, hospitality, tourism and healthcare.
Downtown San Antonio is the city’s central business district, where the economy revolves around financial services, government, tourism, and retail. The Downtown San Antonio office market is home to the headquarters of H-E-B and the area also features several large retail spaces, like the Shops at Rivercenter and Rivercenter Mall.
Northwest San Antonio is home to the headquarters of several Fortune 500 energy companies, Valero Energy and NuStar Energy. You’ll also find Six Flags Fiesta Texas and large retail developments like The Rim and The Shops at La Cantera, which contribute to the booming Northwest San Antonio office market.
South Side of San Antonio contains much of the city’s military and manufacturing, including the Lackland Air Force Base, which is the city’s largest employer, and a Toyota manufacturing plant, which houses nearly 3,000 employees. There are also several institutions of higher learning within the South San Antonio office market, including Texas A&M University – San Antonio and Palo Alto College.
The Uptown Central San Antonio office market encompasses over 20 million square feet of office space, and it’s all within close reach of the San Antonio International Airport, making it a hub of both business and tourism. The district is also a major retail destination, as it is home to the North Star Mall and San Pedro Town Center. Other areas worth checking when looking for commercial real estate availability include Thousand Oaks, Heritage and Gillette.
San Antonio, TX Office Sales Volume
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
San Antonio, TX Office Transactions
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
San Antonio, TX Commercial Inventory Breakdown
Office Spaces
Total: 57,388,247 SF
By square footage range:
- 50k to 100k SF: 14,799,959 SF / 25.79% of total office
- 100k to 500k SF: 32,020,957 SF / 55.8% of total office
- 500k to 1M SF: 3,239,520 SF / 5.64% of total office
- > 1M SF: 7,327,811 SF / 12.77% of total office
By class:
- Class A+: 602,054 SF / 1.05% of total office
- Class A: 25,229,138 SF / 43.96% of total office
- Class B: 26,528,834 SF / 46.23% of total office
- Class C: 1,387,064 SF / 2.42% of total office
Industrial
Total: 73,864,310 SF
By square footage range:
- 50k to 100k SF: 14,378,475 SF / 19.47% of total industrial
- 100k to 500k SF: 43,259,590 SF / 58.57% of total industrial
- 500k to 1M SF: 6,115,093 SF / 8.28% of total industrial
- > 1M SF: 10,111,152 SF / 13.69% of total industrial
By class:
- Class A: 28,170,124 SF / 38.14% of total industrial
- Class B: 34,899,936 SF / 47.25% of total industrial
- Class C: 4,022,816 SF / 5.45% of total industrial
Office Spaces with Retail
Total: 52,337,955 SF
By square footage range:
- 50k to 100k SF: 12,491,569 SF / 23.87% of total office with retail
- 100k to 500k SF: 32,253,201 SF / 61.62% of total office with retail
- 500k to 1M SF: 4,582,131 SF / 8.75% of total office with retail
- > 1M SF: 3,011,054 SF / 5.75% of total office with retail
Employment in San Antonio, TX
San Antonio has long been a military hub, where members of the defense community and their families come to work and live. But it’s continually diversified over the years, and is now a major player in several other sectors.
There are over one million people currently employed across San Antonio. Some of the city’s biggest employers are:
- Military/Defense: They don’t call it “Military City, U.S.A.” for nothing. San Antonio’s four military bases inject over $5 billion into the local economy, with Lackland Air Force Base and Fort Sam Houston alone employing more than 69,000 people.
- Financial Services: Several of the city’s largest employers are in the financial services sector, including JP Morgan Chase and Wells Fargo, which employ over 10,000 people combined, and the USAA, which is headquartered in San Antonio and employs 17,000.
- Healthcare: The Methodist Healthcare System, Baptist Health System and Christus Santa Rosa Health System combined account for over 15,000 jobs in San Antonio, which also serves as the headquarters of Carenet Healthcare Services.
- Hospitality & Tourism: Roughly one out of every eight San Antonians works in either the hospitality or tourism industry – that’s over 120,000 people. Tourism brings in over $13 billion to the city’s economy.
- Food Services: H-E-B Grocery Company is not only headquartered here, but also employs 20,000 people. Another locally-based business, Bill Miller Bar-B-Q Enterprises, provides jobs for over 3,500 locals.
- Education: San Antonio’s three public school districts, Northside ISD, North East ISD and San Antonio ISD provide jobs for nearly 30,000 residents, combined.
- Energy: San Antonio is home to the headquarters of two Fortune 100 companies–Valero Energy and Tesoro Corp, and Fortune 500 company NuStar Energy.
Education in San Antonio, TX
The San Antonio and Bexar County region is served by 17 independent school districts, including the North East, Northside, and San Antonio ISDs.
The city is also home to 15 colleges and universities, which boast an enrollment of over 150,000 students. The largest institutions by enrollment are Texas State University, University of Texas at San Antonio, San Antonio College, and Northwest Vista College.
Commuting Time in San Antonio, TX
San Antonio’s average commute time of 22 minutes is below the nationwide average, as well as that of many similarly sized cities in Texas.
- The city provides public transportation through VIA, which offers routes to all of the major San Antonio cultural and historical sites. You can learn more here: http://www.viainfo.net
- San Antonio’s bike sharing service features over 60 stations around the city and is used by 93,000 residents. Find out how to become a member here: https://sanantonio.bcycle.com
San Antonio Demographics
Population
- Total Population1,508,083
- Male Population(49.4 %) 744,596
- Female Population(50.6 %) 763,487
- Median Age33.60
Income/Financial
- Average Household Income$70,776
- Median Household Income$52,455
- Median Income Under 25$30,335
- Median Income 25-44$53,946
- Median Income 45-64$59,853
- Median Income Over 65$43,368
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