The San Antonio retail market net absorption was just shy of negative 195,000 sq. ft. in Q1 2020.
Prior to the COVID-19 outbreak, local employment showed robust growth in January, with a staggering 6.4% year-over-year increase in the leisure and hospitality sector, according to the Bureau of Labor Statistics (BLS).
The Dallas Fed reported a February unemployment rate of 3.0%. This is 50 basis points below both the state and national rate.
Five projects, totaling over 117,000 sq. ft., reached completion in Q1 2020. Another 38 developments, amounting to nearly 1.0 million sq. ft., remain underway.