The San Antonio medical office building (MOB) market remained strong, with over 60,500 sq. ft. of positive net absorption in Q4 2020.
The bulk of positive absorption occurred in the Guadalupe County, Far West/Westover Hills, and the Northeast submarkets.
Five projects totaling over 105,000 sq. ft. delivered in Q4 2020. The San Antonio MOB market is seeing a flight to quality with new construction triple net (NNN) rental rates ranging from $22.00 per sq. ft. to $27.00 per sq. ft.
New construction, along with robust market movement, caused average asking rates to grow $0.74 per sq. ft. quarter-over-quarter.