San Antonio retail construction down, wages up

Mortgage questions answered July 11, 2019 Latest Realtor

SAN ANTONIO – In second quarter 2019, over 1.25 million sf of retail space was under construction across the metro, according to CBRE.

Occupancy was also down slightly to 94.6 percent. Last quarter, 331,110 sf of retail space delivered to the market, down from the previous quarter.

Net absorption ticked up to 255,216 sf.

Overall average asking rates matured with a healthy increase of $0.50 per sf.

Average hourly wages in the private sector grew to $24.12 in May, up 3.6 percent from last year. The local unemployment rate dipped 50 basis points from 3.1 percent in March to 2.6 percent in April.

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