The San Antonio industrial market saw another quarter of robust market activity with 188,801 sq. ft. absorbed, marking an eight-year streak of positive quarterly net absorption.
Deliveries ramped up this quarter with over 1 million sq. ft. of completed construction. Of the 1 million sq. ft. added to the market in Q3 2019, 98% of it was Class A product.
Due to the high volume of vacant product hitting the market, the market-wide vacancy rate rose 180 basis points (bps) from 9.3% in Q2 2019 to 11.1%.
Market-wide industrial asking rates dipped slightly, down $0.39 per sq. ft. quarter-over-quarter, but have remained steady in the last 12 months and are up $0.13 per sq. ft. year-over-year.
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