San Antonio Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $27.34 2023 Avg. Asking Rent
  • 19.54% 2023 Office Vacancy Rate
  • $161.7M2023 Total Office Sales
  • $227.27Avg. Sale Price/SF

San Antonio office price per square foot in 2023 was $27.34 on average. The local office market recorded an average vacancy rate of 19.54% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $161.7M. San Antonio office space commanded an average sale price per square foot of $227.27.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • San Antonio Class A & A+ Office Space$28.87
  • San Antonio Class B Office Space$25.64
  • San Antonio Class C Office Space$19.74
  • Texas Class A & A+ Office Space$36.17
  • Texas Class B Office Space$24.95
  • Texas Class C Office Space$31.07

San Antonio, TX Office Asking Rents by Class

Average office rent in San Antonio rested at $27.34 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in San Antonio averaged $28.87 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.64 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.74 per square foot, on average. Comparably, statewide Texas average office rents by class in 2023 were: $36.17 per square foot for class A office space; $24.95 per square foot for class B office space; $31.07 per square foot for class C office space.

2023 Office Vacancy Rates in San Antonio

Submarket Asking Rents Vacancy Rates
East San Antonio $30.38 20.23%
San Antonio CBD $28.72 31.15%
Northwest San Antonio $28.12 22.46%
Outlying Bexar County $27.95 13.56%
I-10 Corridor $26.45 14.95%
Airport $26.22 16.19%
Northeast San Antonio $26.01 27.84%
Far West San Antonio $23.44 20.70%
West San Antonio $21.73 16.95%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the San Antonio market was 19.54% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Antonio was 13.56% in the Outlying Bexar County submarket, while the highest office vacancy in the market was 31.15%, recorded in San Antonio CBD.

Office Spaces for Rent in Texas

San Antonio Office Sale Price per SF

  • $227.272023 Avg. Price per SF
  • 34.15%Y-o-Y Avg. PpSF Change
  • $161.7M2023 Office Sales Volume
  • 62023 Number of Transactions

San Antonio, TX Sale Price per SF Trend

  • San Antonio Avg. Sale Price per SF in 2023$227.27
  • Texas Avg. Sale Price per SF in 2023$166.66
San Antonio office space cost in 2023 marked a +34.15% change compared to the previous year. The sale price for office space in San Antonio averaged $227.27 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $166.66 per square foot.

2023 Office Sales Volume

  • San Antonio, TX Total Office Sales Volume in 2023 $161.7M
  • San Antonio, TX Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the San Antonio office market in 2023, adding up to a yearly sales volume of $161.7M. Notably, the largest transaction on the market saw NuStar Energy Corporate Headquarters change hands for $103,000,000 on 3/22/2023.
Data provided by Commercial Edge

Coworking Spaces in Texas

2023 Office Construction in San Antonio, TX

  • San Antonio, TX Total SF completed in 2023 751,229
  • San Antonio, TX Total SF under construction in 2024 477,250

During 2023, 751,229 square feet of new office space were delivered across the market. At the close of 2023, the San Antonio office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 751,229 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 477,250 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Antonio
Office building Address SF Completed
WatersEdge - Building 1 7515 Inner Circle Road, 78235 105,702 2024
WatersEdge - Building 2 7611 Inner Circle Road, 78235 105,702 2024
WatersEdge - Building 2 7611 Inner Circle Road, 78235 105,702 2024
VelocityTX - Merchant's Ice Building 1305 East Houston Street, 78205 63,000 2024
4318 De Zavala Rd 4318 De Zavala Rd, 78230 14,290 2024
Jefferson Building 1900 Broadway Street, 78215 232,037 2023
Inwood Village II 2806 West Bitters Road, 78248 74,265 2023
The Creamery 875 East Ashby Place, 78212 54,000 2023
Oak Hills Women's Pavilion 7707 Ewing Halsell Drive, 78229 98,500 2022
Farinon Business Park - Building III 5818 Farinon Drive, 78249 84,890 2022

Worth noting among recent office completions on the San Antonio market is WatersEdge - Building 1, which is currently the largest new office development in the city, at 105,702 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all San Antonio commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.