Search
 

San Antonio Multifamily Market Picks Up Steam

SAN ANTONIO-Occupancy across the board picked up in the second quarter after two previous quarters of declines. The latest count puts occupancy at 92.72%. The increase, though, haven't erased the concessions.

By Tim Green | Updated on July 25, 2002

SAN ANTONIO-Occupancy rebounded in San Antonio multifamily properties in the second quarter after two previous quarters of declines. The city’s overall occupancy rate reached 92.72%, up 1.12% from the first quarter and up 0.45% from a year ago, according to a report from Austin Investor Interests. The firm, based in Austin, tracks apartment trends in San Antonio and Austin. Similarly, a Grubb & Ellis market report filed yesterday on GlobeSt.com , placed office vacancy in the city at 19.3%.

All classes of multifamily properties shared in the rise in occupancy levels, according to the report. Class A properties had the biggest increase, 3.39%, to get to 89.26%; class B occupancy rose 1% to 94.23%; and class C levels inched up 0.24% to 92.55%. Class A and B properties had a year-to-year increase, but class C levels dropped from a year ago.The report characterized rents as staying relatively stable in all classes. Class A rents had a penny per sf increase to an average of 94 cents per sf. Class B and C had no quarter-to-quarter change.

About 54% of San Antonio’s apartment complexes offered concessions. In class A properties, 82% had concession banners out while 59% of class B and 42% of class C properties offered move-in incentives.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.