From the Rivard Report
SHARI BIEDIGER
link to full article:
https://therivardreport.com/demand-p...pace-downtown/
The price of San Antonio’s downtown Class A office space is rising sharply as demand grows, inventory shrinks, and, at last, new opportunities fill the skyline.
“The change is truly happening,” said Lindsey Tucker, first vice president of CBRE, a commercial real estate services company with offices in San Antonio. “We are extremely fortunate to have investors, developers, corporations, and large educational institutions committed to making our city a better place to work and live.”
Class A+ and Class A office space are classified as such because they are considered the highest-quality workplace real estate on the market. Class A is generally a building that looks good and is managed well. Location and access also count. For those reasons, Class A also commands the highest rents.
The current inventory of Class A office space in the core of the Central Business District (CBD) includes the Weston Centre, the Bank of America Plaza building at 300 Convent, and One Riverwalk Place. Together, the three comprise about 1.3 million square feet of net rentable area. When complete at the end of this year, the 24-story Frost Tower will add another 170,492 square feet of Class A space available for rent.
THIS PARAGRAPH REALLY BLEW ME AWAY!
Frost Tower is the first high-rise office tower San Antonio’s urban core has seen since the Weston Centre opened in 1989. Gross-up rental rates for the Class A++ space that offers 360-degree views of the city is being quoted at $50 per square foot and up.
WOW!