As tourism in San Antonio continues to recover strongly and the city’s population growth remains on an upward trajectory, all of this foot traffic is generating huge profits for the San Antonio retail market.
Houston-based NAI Partners said Thursday that the average asking rent for retail properties in the area hit an all-time high of $17.32 per square foot in May 2022, indicating strong market demand in the city despite national inflation. which is at a 40-year high, and worries about a looming recession.
This is a 5% increase from the 2021 high of $16.50.
According to the report, retail space leasing activity increased by 26% compared to May 2021. Demand in areas close to the city limits also remains strong as fewer people flee the higher rates within the city.
Since May 2011, the largest retail transaction has been a 121,581 square foot lease at the Schertz Corporate Center in Schertz.
Companies leasing the second and third largest retail space in Greater San Antonio included an entertainment company headquartered in Plano, Pinstack, and LA Fitness.
Editor’s Note: This story was published via partnership between KSAT and San Antonio Business Journal.
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