Office buildings in San Antonio experienced a surge in vacancy rates in 2023 due to the COVID-19 pandemic and the growing trend of remote work. The vacancy rate reached its highest point in the past decade, prompting companies to focus on leasing newer and more attractive office spaces to entice employees back to the workplace. The availability rate, which includes subleased spaces, was also high. While San Antonio's vacancy rates were lower than other cities, such as Austin, Houston, and Dallas, the increase was expected.
Office buildings across San Antonio emptied in 2023, with the market’s vacancy rate soaring to its highest point in the past decade as the COVID-19 pandemic accelerated the shift toward more employees working remotely part time or full time. It also sped up a “flight to quality,” in which companies seek to lease the newest, fanciest offices near amenities such as restaurants, coffee shops and gyms as they try to convince employees to return to their desks, brokers say.
The vacancy rate at office buildings across the San Antonio area was 18.7% in the fourth quarter, up from 13.5% during the same three-month period in 2019, according to CBRE Group Inc., a real estate services and investment company. The last time the rate was higher was in 2013, when it was 19.1%. That figure may not tell the whole story, as the availability rate, which includes space that tenants are subleasing, was 23.1% in the fourth quarter. Still, vacancy rates were several percentage points higher in Austin, Houston and Dallas. “It was expected,” said Amber Austin, a vice president in CBRE’s San Antonio offic
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