San Antonio, TX - Office Market Overview
The San Antonio real estate market includes the San Antonio Downtown, Near Northwest, and North Central office space submarkets. With a metropolitan population of nearly 2.4 million, the economy continues to thrive due to an energetic mix of defense, healthcare, and tourism industries, creating powerful demand in the San Antonio office market for white-collar employment.
As of mid-2017, the San Antonio office market encompasses over 41 million square feet of existing office space in properties larger than 50,000 square feet. San Antonio has been one of the top 10 fastest growing large cities in the United States, with a strong demand for Class A office space.
San Antonio, TX - Office Inventory Description
Located midway between South Texas and Central Texas, San Antonio lies in the southwestern corner of the Texas Triangle Urban mega region. With a gross metropolitan product of over $113 billion annually there is consistent demand for white collar office employment. Over 51% of the office space in San Antonio is Class A or A+, while Class B inventory adds another nearly 48% of space to the San Antonio commercial real estate market.
The Thousand Oaks office submarket in San Antonio boasts some of the best demand for Class A office space in the city. Located along State Route 281 just north of Wurzback Parkway, this neighborhood is home to prime office property such as the Comerica Bank Plaza and the One Thousand Oaks office building on San Pedro Avenue.
San Antonio, TX Commercial Inventory Breakdown
Total: 52,616,039 SF
By square footage range:
- 50k to 100k SF: 13,565,157 SF / 25.78% of total office
- 100k to 500k SF: 30,033,551 SF / 57.08% of total office
- 500k to 1M SF: 2,689,520 SF / 5.11% of total office
- > 1M SF: 6,327,811 SF / 12.03% of total office
- Class A+: 462,054 SF / 0.88% of total office
- Class A: 23,409,393 SF / 44.49% of total office
- Class B: 26,244,479 SF / 49.88% of total office
- Class C: 700,587 SF / 1.33% of total office
San Antonio, TX - Green Office Space
The 2017 National Green Building Adoption Index looked at commercial office properties in the top 30 major U.S. markets and found that the share of green certification has increased from less than 5% in 2005 to 38% as of mid-2017.
While not yet ranking in the Top 30 Green Office Markets in the U.S., green office space in San Antonio is on the rise, with over 60 LEED-certified projects scattered throughout the metropolitan area.
The Trane Office Building was at the head of the green office trend in San Antonio, when back in 2009 it become the fourth LEED-certified building in the city. This 32,000-square-foot property set the green benchmark for interior tenant improvements and was awarded the LEED Silver certification in areas including water efficiency, indoor environmental quality and innovation in design.
San Antonio, TX's Top Office-Using Sectors
In addition to San Antonio's strong defense and healthcare industry sectors, the higher education, energy, and tourism segments also play major roles in creating demand for commercial real estate in San Antonio.
- Energy – Valery Energy, Tesoro Corporation, and NuStar Energy are just three examples of Fortune 500 energy companies that are headquartered in San Antonio.
- Tourism – Over 26 million national and international visitors arrive in San Antonio each year, attracted by destinations such as the The Alamo, the Downtown River Walk, and the Sea World and Six Flags Fiesta Texas theme parks.
- Education – San Antonio is home to 31 higher education institutions that consistently add to the demand for office space in San Antonio, including the University of Texas Health Science Center, Texas A&M - San Antonio, and the University of Texas as San Antonio.
- Corporate Offices – The demand for white-collar Class A office space in San Antonio also comes from numerous other company headquarters such as Carenet Healthcare Services, Eye Care Centers of American, Rackspace, NewTek, and Kinetic Concepts.
San Antonio Demographics
- Total Population1,461,623
- Male Population(49.2 %) 719,677
- Female Population(50.8 %) 741,946
- Median Age33.20
- Average Household Income$66,799
- Median Household Income$49,711
- Median Income Under 25$26,298
- Median Income 25-44$51,245
- Median Income 45-64$57,185
- Median Income Over 65$41,065
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