Bexar County cad Market Trends for Commercial Property

Bexar County cad

bexar County CAD: Overview of Commercial Property Market Trends 

The Bexar County CAD tracks key market trends within the commercial real estate sector. The evolving market conditions reflect shifts in demand, property values, and construction activities

Steady Growth in Bexar County`s Retail Market

  • 2023 saw the delivery of 1.3 million square feet of retail space, a decrease of 560,000 square feet from the previous year.
  • Average vacancy remained low at 3.9%, reflecting strong demand for retail spaces.
  • The average asking rate increased by 3.3%, reaching $19.30 per square foot, driven by limited new supply and steady demand.

Despite economic challenges, the San Antonio retail market remains resilient, demonstrating stability in construction, vacancies, and rental rates.

Bexar County cad

Challenges and Adjustments in Bexar County`s hub San Antonio Office Market

  • Only 1.5 million square feet of office space were delivered in 2023, marking a significant decline from prior years.
  • Tenants are moving from older, larger spaces to modern, 4-5-star offices built after 2010, reducing their overall footprints.
  • With just $500 million in transactions, 2023 recorded the lowest office sales volume in over a decade, excluding the pandemic year.

The San Antonio office market is grappling with high vacancy rates and flat absorption, reflecting broader economic uncertainty. However, newer, high-quality spaces continue to attract tenants.

Warehousing and Self-Storage Bexar County Market Stabilization

  • Approximately 2.5 million square feet of new warehousing space is expected in 2024, reflecting controlled development.
  • Self-storage rates decreased by 4.6% in 2023 compared to 2022, indicating a market adjustment.
  • Only five new self-storage parcels are under construction, marking a significant slowdown in development activity.

San Antonio’s warehousing and self-storage sectors are stabilizing after years of rapid growth. A hyper supply in warehousing and reduced self-storage rates signal a balanced market.

Bexar County cad
Bexar County cad

BCAD Hospitality and Senior Living Market Trends

  • The hotel industry has recovered 80% from the COVID-19 pandemic, with new and renovated hotels surpassing the growth of the past decade.
  • Despite occupancy challenges, increased room rates have driven higher revenues in the hospitality sector.
  • Senior living remains consistent, reflecting lower occupancy rates and housing quantities due to San Antonio’s unique cultural environment.

San Antonio’s hospitality and senior living sectors show signs of stabilization and steady growth, with recovery and development marking key milestones.

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