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San Antonio Office Market Shifting to Tenants

SAN ANTONIO-The state's fourth-largest city has caught up to its big sisters. Class A rent is slipping, vacancy is rising and tenants are reaping the benefits. But, it's most likely temporary since construction is at a bare minimum.

By Tim Green | Updated on April 25, 2002

SAN ANTONIO-For the first time in six years the average rent for class A office space has dropped, however slightly, auguring better deals for tenants, according to a first quarter market report from REOC Partners’ San Antonio office.

“The impact of the recession compounded by the events of 9/11, however, created a slowdown in the local office market that has turned the tables a little more in the tenant’s favor,” said Kimberly Gatley, REOC’s research director.

In the CBD, class A rent was $20.78 per sf, down from $20.80 per sf at the end of the 2001 first quarter. Outside the CBD, class A space rented for an average of $21.16 per sf at the end of the 2001 first quarter, off from the $21.16 per sf recorded a year earlier. “Tenants, especially credit tenants, are finding more options and better bargains than were available last year at this time,” REOC said in its analysis of the figures.

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