Home to the famed Alamo, River Walk, and the location of several major U.S. military installations, San Antonio is the second largest city in the state of Texas, and the seventh largest city in the country. The San Antonio commercial real estate sector – like the city itself – is rapidly growing, primarily due to a strong economic base bolstered by the health care industry, financial services, national defense and tourism (approximately 20 million visitors annually.).[property_contact_form]
Mixed-use projects, office building and expansive retail center developments, as well as record-breaking industrial and warehouse space construction in 2007, continuing well into this year, will help satisfy the ongoing demand for San Antonio commercial real estate space.
San Antonio Office Space
Currently, San Antonio office space continues to show positive growth. Vacancy of 11 percent at the close of the fourth quarter 2007 is already showing signs of lowering due to San Antonio’s low-cost business environment fueling strong growth in the finance, health care and information technology sectors, and assuredly will balance out office space absorption during 2008.
San Antonio Industrial and Warehouse Space
The availability of San Antonio industrial and warehouse space grew considerably in 2007 due to more than 968,000 square feet of record-breaking new construction of storage, manufacturing and distribution facilities. With over 400,000 square feet of industrial and warehouse space under construction this year, this growth has far exceeded the 700,000 square feet of industrial space added per year prior to 2007. Much of this construction has been geared toward maximizing the Port of San Antonio’s importance and a major shipping and distribution center.