San Antonio, TX Retail Market Report Q3 2026

Atascosa County Leads at 1.6% Vacancy; Rents Rise 3.6%

Demand

San Antonio absorbed 20K SF in Q3 2026, against 85K SF in the same quarter last year. Vacancy is 4.0%, 1 bps looser than Q3 2025. Atascosa County is the tightest submarket at 1.6% vacancy; Bandera County leads rent growth at +6.4%. Trailing-12-month absorption of 1.15M SF is up from 651K SF a year earlier. Asking rent of $24.12/SF is up 3.6% year over year and a record.

Supply

San Antonio delivered 128K SF in Q3 and 1.27M SF over the trailing twelve months (-3% versus the prior TTM period). Space under construction equals 0.7% of inventory, concentrated in Kendall County at 3.5% of its stock. Annual deliveries peaked at 5.02M SF in 2008. Q3 deliveries were less than half of last year’s 426K SF. The 1.08M SF pipeline equals about four quarters of absorption at the trailing pace.

Investment Market

San Antonio recorded $0.8B in sales over the trailing twelve months, +42% against the prior TTM period; Q3 accounted for $154M. The high-water mark in this series is $1.0B in 2018.

San Antonio cap rates average 6.66%, up for 13 straight quarters. Pricing sits at $271/SF, higher for 17 consecutive years. The cap rate is 27 bps above the Q2 2023 low of 6.40%. Price per SF is at a record.