---
title: "San Antonio Industrial Market Update: Q3 2026 Vacancy"
description: San Antonio industrial vacancy, absorption, rents and construction for Q3 2026, compared across CBRE, Cushman & Wakefield and Partners, and what it means.
image: https://www.roesingercre.com/hs-fs/hubfs/AI-Generated%20Media/Images/Modern%20Warehouse%20Aesthetic.png
---

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Market data · Q3 2026

# San Antonio industrial market update

San Antonio industrial vacancy edged down again in Q3 2026 as leasing and absorption picked up and the construction pipeline shrank. Rents are rising, and the market is tighter than Austin.

By **Zach Roesinger**, Designated Broker, Roesinger LLCUpdated October 12, 2026[Share on LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.roesingercre.com%2Fresources%2Fsan-antonio-industrial-market)[Post on X](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.roesingercre.com%2Fresources%2Fsan-antonio-industrial-market&text=San+Antonio+industrial+market+update&via=LandmanZachATX)

**Short answer (Q3 2026):** San Antonio industrial vacancy is roughly 10% to 11.5% depending on the source, and it is drifting lower. CBRE reported 10.3% vacancy in Q3 2026, 796,000 square feet of net absorption, an average asking rent of $8.81 per square foot NNN (up 5.0% year over year), and 2.44 million square feet under construction. Small and mid-size space is tighter than the headline; tenants still have options in big-box product on the northeast side.

## The numbers, by source

Each brokerage tracks a different inventory and building-size threshold, so headline vacancy differs by a point or more. CBRE has published Q3 2026; the others below are the latest quarter each firm has released. The direction is consistent: vacancy flat to lower, rents firming.

| Source | Quarter | Vacancy | Trend noted |
| --- | --- | --- | --- |
| [CBRE](https://www.cbre.com/insights/figures/san-antonio-industrial-figures-q3-2026) | Q3 2026 | 10.3% | Down 10 bps from Q2; availability down 110 bps to 10.2% |
| [Cushman & Wakefield](https://www.cushmanwakefield.com/en/united-states/insights/us-marketbeats/san-antonio-marketbeats) | Q2 2026 | 11.1% | Down 40 bps year over year; year-to-date absorption near 900,000 SF |
| [Partners](https://partnersrealestate.com/research/san-antonio-industrial-q2-2026-quarterly-market-report/) | Q2 2026 | 11.3% | Down 37 bps from 11.7% in Q1 |

## What drove the quarter

- **Demand picked up.** CBRE counted 796,000 square feet of net absorption in Q3 2026, up from 233,000 in Q2, on 2.91 million square feet of leasing. CBRE also notes absorption has been positive every quarter since 2021.
- **Supply is shrinking.** CBRE put construction at 2.44 million square feet, down from 2.86 million, with 698,000 square feet delivered in the quarter. Cushman & Wakefield reported Q2 deliveries down about 86% year over year as developers held off on new starts.
- **Rents are moving up.** CBRE's average asking rent rose 3.4% in the quarter to $8.81. Cushman & Wakefield showed warehouse/distribution near $8.29 and office-service/flex near $12.49 per square foot in Q2.
- **Submarkets diverge.** CBRE reported the South submarket at 5.0% vacancy and the Northeast, where most new big-box product was built, at 12.6%.
- **Sublease space is small but growing.** CBRE's sublease vacancy was 0.5% of inventory, a number worth watching for any sign of occupiers giving back space.

## What it means for you

### Tenants

If you need 100,000 square feet or more on the Northeast side along I-35 or Loop 410, you still have choices and room to negotiate free rent and improvements. For smaller flex and shop space, especially on the South side, expect fewer options and rents that are rising, not falling. Start a renewal 12 to 18 months out and get a market survey before you talk to your landlord.

### Owners

Rising rents and falling vacancy are a good backdrop for lease-up and for marking in-place rents to market at rollover. Owners of older small-bay buildings competing with new product should price to the current market rather than last cycle's peak. If you are thinking about selling, buyers are underwriting a tightening market but still price rollover risk, so a building with term on its leases trades better. See our guide to [selling commercial property in Texas](https://www.roesingercre.com/resources/selling-commercial-property-texas?hsLang=en).

### Buyers and investors

San Antonio offers lower basis per square foot than Austin with tighter fundamentals. The opportunity is in partially leased or below-market-rent product bought under replacement cost. Underwrite to signed-deal rents rather than asking rents, budget realistic downtime, and check the going-in [cap rate](https://www.roesingercre.com/resources/cap-rate-commercial-property-value?hsLang=en) against your debt cost before assuming the spread works. For context on the wider region, see the Texas Triangle industrial guide and our [Austin industrial market update](https://www.roesingercre.com/resources/austin-industrial-market?hsLang=en).

## What rising rents do to value

Rent growth matters to owners because it flows straight to NOI and, through the cap rate, to value. Take an illustrative 50,000 SF multi-tenant flex-industrial building producing $487,500 of NOI, valued at a 6.50% cap rate: $487,500 / 0.065 = $7,500,000, or $150 per square foot. If rollover lets the owner mark rents up by $0.50 per square foot on 20,000 SF of expiring leases, NOI rises by $10,000 to $497,500. At the same 6.50% cap, value rises to about $7,653,800, a gain of roughly $153,800 from one round of renewals. The same math runs in reverse when concessions grow, which is why buyers in San Antonio are focused on lease term and in-place rent versus market.

## What to watch next quarter

- Whether absorption stays above deliveries as the remaining pipeline completes.
- Northeast big-box vacancy, which sets the tone for tenant leverage across the metro.
- Sublease additions, an early sign that occupiers are trimming space.
- Manufacturing and cross-border logistics demand tied to Mexico trade along I-35.

## How to read market reports

- Check the inventory threshold and property types. Reports that exclude small buildings leave out most flex and shop space.
- Separate direct and sublease vacancy; a rising sublease share is an early warning.
- Compare quarterly absorption with deliveries. Vacancy falls only when absorption outpaces new supply.
- Read submarkets. A metro average blends a 5% South side with a 12.6% Northeast.
- Asking rent is not effective rent. In softer segments, concessions widen the gap, so ask a broker for recent signed comparables before you set a budget or a price.

## Frequently asked questions

### What is the industrial vacancy rate in San Antonio?

CBRE reported San Antonio industrial vacancy of 10.3% in Q3 2026. In Q2 2026, Cushman & Wakefield reported 11.1% and Partners reported 11.3%, so most sources place the market between roughly 10% and 11.5%.

### What is the average industrial rent in San Antonio?

CBRE reported an average asking rent of $8.81 per square foot NNN in Q3 2026, up 5.0% year over year. Cushman & Wakefield put flex and office-service space near $12.49 per square foot in Q2 2026, well above bulk warehouse.

### Is the San Antonio industrial market recovering?

Yes, gradually. CBRE notes vacancy has drifted down since peaking at 11.1% in Q1 2025, absorption rose sharply in Q3 2026, and construction is shrinking, but vacancy is still roughly double the 2022 low.

### Is San Antonio a better industrial market than Austin right now?

By the headline numbers it is tighter: San Antonio vacancy sits near 10% to 11% versus roughly 16% to 22% in Austin. Rents are lower in San Antonio, so the right answer depends on your submarket, building size, and whether you are leasing, owning, or buying.

This guide is general information, not legal, tax, or investment advice. Figures are from the third-party reports linked above, summarized in our own words, may cover different quarters, and are subject to revision. This page is updated quarterly. Roesinger LLC is a licensed Texas real estate broker.

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