房地产 -圣安东尼奥办公室数据 - 2025年第四季度 San Antonio Office Figures - Q4 2025

CBRE

FIGURESISANANTONIOOFFICEIQ42025

2026

v18.6%

vacancyRate

162,834

SFNetAbsorption

533,340o$29.04

LeasingActivity(SF)SFunderconstructionFSG/YRLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

•officemarketfundamentalsstrengthenedsteadilythroughout2025.vacancydeclinedforthe

fourthconsecutivequarterinQ4,fallingto18.6%ina50-basispointdropfromQ3.Meanwhile,

netabsorptionclimbedforthefourthconsecutivequarter,reaching162,834sq.ft.Leasing

activitywasrelativelyflatquarterove「quarter,droppingslightlyto533,340sq.ft.afterpeakinginQ3at696,007sq.ft.

•Inanongoingoccupierflighttoquality,absorptionhasbeendrivenoverwhelminglybyclassAspacein2025,whileclassBandcspacehasconsistentlyexperiencedminimalornegativenetabsorption.Asinpreviousquarters,positiveabsorptionwasconcentratedintheNorthcentralandNorthwestsubmarkets;anotableQ4exceptionwasAlamoGroup's42,000sq.ft.move-inintheNortheastsubmarketatHeritageBusinesscenter.

•TheHealthcaresectordominatedleasingactivityinthefourthquarter,comprising33%of

leasingactivitybydealcount.Healthcarewasfollowedcloselybyprofessionalservicesat25%(includingLegalservices,AccountingandArchitecture/Engineeringfirms).

classAClassBClasscTotalNetAbsorption

source:CBREResearch,Q42025

FIGURES|SANANTONIOOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

ASKINGRATES&ACTIVITY

MarketwideaskingrentsremainedrelativelyflatinQ4;theoverallmarketaveragerateincreasedbyjust$0.06to$29.04FullserviceGross(FSG).classAaskingrentsdropped$0.23to$33.90,while

classBrentsclimbed$0.14to$27.13.classcrentsrose$0.84to$22.39.Asaresultofaskingrates

beingcalculatedbasedonavailablespace,lessdesirable(andthereforemoreavailable)spaceislikelyskewingoverallaveragerentsdownward;inreality,trophyclassA+assetsinMidtownandthecBDarecommandingmaximumratesbetween$60.00and$65.00FSG/yr.

sanAntoniohasnotseenanynewofficeconstructionstartsinthepastsixquarters.watersEdgeI&Il,themarket'smostrecentdeliveryasofQ12024,isbeginningtoseeleasingactivitywithafull-floorleasesignedinBuildingIforQ22026occupancy.productbuiltinthelastfiveyearsis21.2%vacantasofQ4.

sanAntonio'sincreasinglydiversifiedeconomycontinuestogrowsteadily,inspiteofrecent

challengesincludingtariffsonmanufacturingandfederaljobcutsrelatedtoitsmilitarybases.The

city'syear-to-datejobgrowthrateof1.7%significantlyoutpacedtheusrateof0.6%,andGDpgrowthalsoexceededthenationalaverage,at1.7%comparedto1.3%.JobgrowthandGDpgrowthwerebothdrivenbystateandlocalgovernment,ambulatoryhealthcare,retailtrade,andrealestate.

FIGURE3:AskingRates

$persq.ft.

source:CBREResearch,Q42025

FIGURE2:LeasingActivityTrend10,000sq,.ft.andup

source:CBREResearch,Q42025

FIGURE4:HistoricalAbsorption,Deliveries,andvacancysq.Ft.millions

20.0%

0.5

0.4

0.3

0.2

19.0%

18.0%

17.0%

16.0%

(0.2)

(0.3)

15.0%

14.0%

NetAbsorption(sq.ft.)Deliveries(sq.ft.)TotalvacancyRate(%)source:CBREResearch,Q42025

FIGURES|SANANTONIOOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

FIGURE5:sanAntonioofficeMarketstatistics

CBD

5,187,362

25.0

26.7

30.69

16,682

classA

2,154,173

40.4

45.5

31.05

2,634

classB

2,566,607

16.0

15.1

30.82

14,048

FarNorthcentral

2,584,168

20.4

19.5

35.77

12,874

classA

1,529,626

15.5

13.7

40.75

4,399

classB

1,037,696

27.9

28.2

30.04

8,475

Farwest

1,601,045

18.3

9.7

24,O4

7,694

classA

886,646

23.1

7.5

30.67

1,094

classB

655,728

13.5

13.5

16.50

6,600

Midtown*

2,668,284

39.35

(28,113)

classA

2,177,928

42.75

(28,041)

classB

365,872

15.1

33.53

Northcentral

8,861,496

17.7

18.0

27.05

66,804

classA

2,475,469

14.4

17.5

30.95

34,616

classB

5,004,777

21.6

20.6

26.01

25,192

Northeast

2,123,184

26.9

25.9

26.66

29,290

classA

536,318

31.0

22.0

29.75

6,313

classB

1,261,654

21.1

24.73

22,977

Northwest

classA

11,074,8182,682,932

16.3

21,4

27.72

39.97

57,18926,628

classB

7,038,441

20.1

23.5

27.06

(786)

south

843,668

24,3

21.4

34,45

414

classA

455,029

41.0

35.5

34.45

classB

324,030

5.7

5.7

414

*CBRE'ssanAntonioofficedatasetwasmodifiedinQ12025tobetterreflectthemarket,resultinginchangestothetotalbuildingcountsandnetrentableareasforeachpropertyclassandsubmarketascomparedtopreviousquarterlyFiguresreports.

"classcstatsnotshown,butincludedintotalsource:CBREResearch,Q42025

FIGURES|SANANTONIOOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

ECONOMICOUTLOOK

Theu.s.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,

particularlyAl'ssizablecontributiontogrowthinrecentquarters.someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare

helpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.consumerconfidenceremains

weak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDpgrowthwillbesteadyin2026,at2%,butatouch

softerthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare'slowtohire,slowtofire'atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofter

inflationandlong-termbondyieldstrendingjustbelow4%byH22026.

FIGURE7:LeasingActivitybysector(byDealcount)

source:CBREResearchQ42025

FIGURE6:sanAntonioLaborForceandunemployment

unemployment(%)TotalEmployment(000s)

8

7

6

5

4

3

2

Forecast

1,350

1,250

1,150

1,050950

850

750

650

TotalEmployment(Non-Farm)unemploymentRate

source:oxfordEconomics,Q42025

FIGURE8:populationGrowth&Householdpurchasingpower

HHIncomepopulation(000's)

75,000

65,000

55,00050,000

85,00O

populationMedianHHIncome(Nominal,ACS)

source:oxfordEconomics,Q42025

FIGURES|SANANTONIOOFFICE|Q42025

MarketAreaoverview

Definitions

TotalAvailablesq.Ft.dividedby

theTotalBuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,typicallytakenatthe"dripline"ofthebuilding.GrossLeaseRate:Renttypically

oneperiodtothenext.Net

LeaseRate:Rentexcludesoneormoreofthe"net"costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.occupiedsq,.Ft:BuildingAreanotconsideredvacant.vacancyRate:Totalvacantsq.Ft.dividedbythetotalBuildingArea.vacantsq.Ft.:spacethatcanbeoccupiedwithin30days.

surveycriteria

Includesallnonowneroccupied,non-medicalofficebuildings20,000sq.ft.andgreaterinsizeinthegreatermetropolitanareaofsanAntonio,TX.Buildingswhichhavebegunconstructionasevidencedbysiteexcavationorfoundationwork.

contacts

kimThakerLongoriaResearchAnalyst

kim.thaker@cbre.com

JeremyBOCK

ResearchManager

jeremy.bock@cbre.com

MarcL.Miller

ResearchDirector

marc.miller1@cbre.com

CBRESANANTONIOOFFICE

1803Broadway,suite825

sanAntonio,TX78215

©2026CBRE,Inc.Allrightsreserved.Thisinformationhasbeenobtainedfromsourcesbelievedreliablebuthasnotbeenverifiedforaccuracyorcompleteness.CBRE,Inc.makesnoguarantee,representationorwarrantyandacceptsnoresponsibilityorliabilityastotheaccuracy,completeness,orreliabilityoftheinformationcontainedherein.Youshouldconductacareful,independentinvestigationoftheprope