Prior to the COVID-19 outbreak, the San Antonio industrial market opened on a strong note with over 184,000 sq. ft. absorbed market-wide.
Vacancy remained relatively stagnant quarter-over-quarter going from 11.6% in Q4 2019 to 11.7% in Q1 2020, a slight increase of 10 basis points (bps).
The warehouse/distribution asking rate matured $0.13 per sq. ft. quarter-over-quarter to $5.03 per sq. ft. in Q1 2020. This is the first time the warehouse/distribution asking rate surpassed $5.00 per sq. ft. since 2015.
Over 203,000 sq. ft. of industrial product was delivered this quarter with roughly 2.98 million sq. ft. currently underway.