Class B product closed the quarter on a high note with positive absorption and an 80-basis point (bps) decrease in vacancy.
Market-wide averaging asking rates dipped slightly by $0.37 per sq. ft. quarter-over-quarter, while Class A rates increased from $28.40 in Q2 2020 to $28.97 per sq. ft. in Q3 2020.
The market-wide vacancy rate rose 30 bps from 14.8% in Q2 2020 to 15.1% in Q3 2020. However, the Northeast and South submarkets registered a vacancy drop of over two percentage points in Q3 2020.
The unemployment rate in the San Antonio-New Braunfels decreased significantly, from 13.3% in April 2020 to 8.0% in July 2020, showing positive signs that employees are returning to work and business activity is picking up.