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San Antonio multifamily vacancy will stand about 200 basis points below the 2023 peak of near 9%, with rents expected to end a three-year decline as new supply diminishes.
An analysis of shifting self-storage investment trends as capital markets mature, underwriting standards tighten, and developers respond to evolving market conditions.
Northeast multifamily completions declined further in Q1 2026, with approximately 5,000 units delivered across the region, contributing to vacancy softening.
Atlanta multifamily investment activity accelerated year over year in the first quarter of 2026.
First-quarter 2026 multifamily market snapshot for the San Antonio region covering performance metrics, trends, and occupancy data.
A market snapshot of multifamily conditions and trends in Austin for the first quarter of 2026.
San Antonio's office market in Q1 2026 maintained stability with overall vacancy steady at 16.0% and asking rents rising 3.4% year-over-year to $27.80 per square foot, while the region's unemployment stood at 4.1% with nearly 14,000 jobs added annually despite negative net absorption of 20,000 square feet in the quarter. Speculative office development remained paused with no new construction projects delivered or underway, reflecting elevated vacancy, moderate tenant demand, and elevated development costs and financing challenges.
This is a data-figures report published by CBRE on March 31, 2026, presenting industrial sector figures for San Antonio, Texas for the first quarter of 2026.
San Antonio's retail market maintained a 4.2% vacancy rate in Q1 2026, with positive net absorption of 337,549 square feet (down 14.8% quarterly but up 15.5% annually) and average rental rates of $19.45 per square foot NNN (up 0.4% quarterly but down 3.5% year-over-year). Leasing activity totaled 556,633 square feet, deliveries reached 390,389 square feet, and investment sales volume declined sharply to $244 million over the trailing twelve months with an average cap rate of 7.2%.
San Antonio's industrial market in Q1 2026 showed modest recovery with leasing activity totaling 571,000 square feet (a 31% year-over-year increase) and positive net absorption of 668,000 square feet, though new construction deliveries fell 81.6% to just under 463,000 square feet due to higher interest rates and tighter financing conditions. Overall vacancy increased to 11.3% and total inventory grew to 140.5 million square feet, while asking rents edged higher to $8.70 per square foot despite softer demand, with warehouse and distribution rents averaging $8.08 psf and office service/flex rents outperforming at $12.81 psf.
This is a Q1 2026 office sector data report for San Antonio published by CBRE on March 31, 2026. The report presents figures and metrics related to the San Antonio office market.
San Antonio's multifamily market in Q1 2026 experienced improving supply-demand alignment with units under construction declining 32.0% year-over-year to 4,650 units while deliveries totaled 2,083 units and net absorption reached 641 units across the metro. Effective rents declined 3.7% year-over-year to $1,214 per unit with stabilized vacancy at 14.1%, up 220 basis points annually, while investment sales activity increased meaningfully with 10 transactions totaling 1,692 units compared to one transaction of 70 units in Q1 2025.
San Antonio's industrial market posted 425,088 square feet of positive net absorption in Q1 2026, down 38.0% from the prior quarter, with the overall vacancy rate rising 10 basis points to 11.3% due to decreased leasing activity and increased construction deliveries. The warehouse/distribution sector led absorption at 483,826 square feet, leasing velocity declined 19.5% to 947,458 square feet, and average asking rental rates increased 3.4% to a record $9.43 per square foot on a monthly NNN basis.
San Antonio's office market recorded positive net absorption of 583,611 square feet in Q4 2025, with leasing activity up 34.4% quarterly and vacancy declining 90 basis points to 16.9%, while average full-service asking rents reached $27.94 per square foot, up 14.6% annually. The construction pipeline shrank 49% to 116,000 square feet under construction, deliveries increased 132% to 111,400 square feet, and cumulative 12-month investment sales volume totaled $71.2 million across 43 office property transactions.
San Antonio's multifamily market showed a 93.0% occupancy rate and average asking rent of $1,231 as of Q3 2025, with 5,882 units delivered year-to-date and 7,827 units of net absorption. The market is expected to experience sharp supply declines in 2026 to approximately 4,800 units under construction (a 76% reduction from 2Q23 peak), positioning the market for strong rent growth from 2027 to 2029, supported by San Antonio's 1.0% population growth during 2024 and economic drivers including advanced manufacturing, data centers, cybersecurity, and the South Texas Medical Center's $18 billion annual impact.