San Antonio Commercial Office Space for Rent

Q3 2026

Q3 2026 San Antonio Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

San Antonio industrial absorbed 796,000 SF in Q3 2026 as asking rents rose 5.0% year over year, and Toyota announced a $3.6 billion expansion that will add 2,000 jobs. Office vacancy was 17.8%, with no new construction underway. On TenantBase, office demand more than doubled to 42.4% of San Antonio tenant searches, up from 17.5% in Q2, while retail remained the largest category at 54.5%.

Sector Snapshot

  • Office: No new supply. Vacancy was 17.8%, with nothing under construction.
  • Industrial: Absorbing space. Vacancy fell to 10.3%, and absorption more than tripled from Q2.
  • Retail: High occupancy. Multi-tenant retail occupancy was 95.3% at year-end 2025.
  • Multifamily: Renter-friendly. Average rent was $1,232, down 2.8% year over year.

San Antonio Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the San Antonio region are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Retail/Storefront: 54.5%
  • Office: 42.4%
  • Warehouse/Industrial: 3.0%

Three-Quarter Trend

  • Retail/Storefront: 61.5% in Q1, 59.2% in Q2, 54.5% in Q3
  • Office: 20.0% in Q1, 17.5% in Q2, 42.4% in Q3
  • Warehouse/Industrial: 19.0% in Q1, 24.3% in Q2, 3.0% in Q3

Key Takeaways

  • Office demand more than doubled, from 17.5% of searches in Q2 to 42.4% in Q3.
  • Short terms lead. Terms under one year were the most requested for both office (42.9%) and retail (40.0%).
  • Longer office terms mean larger spaces. 5+ year office searches averaged 3,000 to 6,250 SF.
  • South San Antonio and Downtown were the most searched single locations, followed by North Central and the Northeast.

Office Market

Key Metrics (Q3 2026, CBRE)

  • Vacancy: 17.8%, with Class A at 18.4%
  • Net absorption: 28,000 SF in Q3 and negative 21,000 SF year to date
  • Asking rent: $29.33/SF full service, with Class A at $36.56/SF
  • Construction: no space under construction and no Q3 deliveries
  • Submarkets: Far West at 8.7% led Q3 absorption at 209,000 SF, Far North Central was at 14.4%, Northwest at 15.4%, and the CBD at 25.0%

TenantBase Office Activity

Demand share: 42.4% of San Antonio tenant searches, up from 17.5% in Q2 and 20.0% in Q1.

Lease terms:

  • Less than 1 year: 42.9%
  • 2 to 3 years: 28.6%
  • 3 to 5 years: 21.4%
  • 5+ years: 7.1%

Space requirements by term:

  • Less than 1 year: 1,100 to 2,400 SF
  • 3 to 5 years: 1,333 to 2,833 SF
  • 5+ years: 3,000 to 6,250 SF

TenantBase data vs. the market: San Antonio office tenants on TenantBase are mostly seeking small spaces under 3,000 SF. With no new construction, the Far West and Far North Central submarkets are tightening, while the CBD at 25.0% vacancy offers the most options.

Industrial & Warehouse Market

Key Metrics (Q3 2026, CBRE)

  • Vacancy: 10.3%, down from a peak of 11.1% in Q1 2025
  • Net absorption: 796,000 SF in Q3 and 1.39 million SF year to date
  • Asking rent: $8.81/SF NNN, up 5.0% year over year
  • Construction: 2.44 million SF underway, including JCB's 1 million SF plant and Toyota's 500,000 SF rear axle plant in the South submarket
  • Submarkets: the Northeast absorbed 606,000 SF at 12.6% vacancy, while the South was at 5.0%

TenantBase Warehouse Activity

Demand share: 3.0% of San Antonio tenant searches, down from 24.3% in Q2 and 19.0% in Q1.

TenantBase data vs. the market: Warehouse searches on TenantBase dropped in Q3, while manufacturing projects drove market activity. Small industrial tenants will find the most availability in the Northeast, where vacancy is 12.6%.

Retail Market

Market Conditions (Weitzman, Year-End 2025)

  • Occupancy: 95.3% in multi-tenant centers of 25,000 SF or more
  • New space: about 561,000 SF opened in 2025, up from about 423,000 SF in 2024

TenantBase Retail Activity

Demand share: 54.5% of San Antonio tenant searches, compared with 59.2% in Q2 and 61.5% in Q1.

Lease terms:

  • Less than 1 year: 40.0%
  • 3 to 5 years: 25.7%
  • 2 to 3 years: 22.9%
  • 5+ years: 8.6%
  • 1 to 2 years: 2.9%

Space requirements by term:

  • 2 to 3 years: 1,000 to 2,500 SF
  • 3 to 5 years: 1,000 to 2,500 SF
  • 5+ years: 2,500 to 5,000 SF

TenantBase data vs. the market: San Antonio retail tenants on TenantBase are seeking small storefronts, with a large share on short terms. At 95.3% occupancy, tenants should move quickly on well-located space, especially in growing areas such as New Braunfels.

Development & Economic Drivers

  • Toyota: a $3.6 billion expansion adding 2.5 million SF and 2,000 jobs, roughly doubling Toyota Texas by 2030 (Toyota, July 2026)
  • Project Marvel: City Council approved $60 million toward the Spurs arena site, part of a planned $1.3 billion arena (Connect CRE, September 2026)

Multifamily Market

San Antonio average rent was $1,232 in Yardi Matrix's May 2026 report, down 2.8% year over year, with occupancy at 89.8%. About 11,955 units were under construction.

Q4 2026 Outlook

  • Office: Expect stable vacancy, with no new supply and steady small-tenant demand.
  • Industrial: Expect manufacturing growth tied to Toyota and JCB to support absorption.
  • Retail: Expect occupancy to stay high as new space opens in suburban growth areas.
  • Multifamily: Expect concessions to persist while occupancy recovers.

Frequently Asked Questions

What type of commercial space are San Antonio tenants searching for in 2026?

In Q3 2026, 54.5% of San Antonio tenant searches on TenantBase were for retail space, 42.4% for office space, and 3.0% for warehouse space.

What is the office vacancy rate in San Antonio?

San Antonio office vacancy was 17.8% in Q3 2026, with the Far West at 8.7% and the CBD at 25.0%, according to CBRE.

What is the industrial vacancy rate in San Antonio?

San Antonio industrial vacancy was 10.3% in Q3 2026, with asking rents of $8.81/SF NNN, according to CBRE.

How can I find commercial space in San Antonio at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the San Antonio region at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, San Antonio, July 1 to September 30, 2026
  2. TenantBase, San Antonio Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, San Antonio Commercial Real Estate Market Report, Q1 2026
  4. CBRE, San Antonio Office Figures, Q3 2026
  5. CBRE, San Antonio Industrial Figures, Q3 2026
  6. Weitzman, Texas Retail Market Occupancy, 2026
  7. Toyota, Toyota Texas Expansion, July 2026
  8. Connect CRE, Spurs Arena Site, September 2026
  9. Yardi Matrix via Multi-Housing News, San Antonio Multifamily Report, May 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.