The dearth of new space has fueled leasing demand for existing vacancies in San Antonio’s compressing retail availability. The overall market’s vacancy has dipped to 4.1%, compared to 4.3% from the prior quarter and 4.8% during Q4 2017. Demand-based construction is one of the main reasons that San Antonio’s current retail market features record-high occupancy and new construction starts nearing a millions sq. ft.
Cibolo Crossing breaks ground
Santikos Entertainment, the anchor tenant of the $285 million, 116-acre mixed-use Cibolo Crossings development, broke ground in May on its 87,000-square-foot family entertainment center. It is expected to include 12 theater screens replete with 1,500 reclining seats, 16 bowling lanes, laser tag, and a full-service bar and restaurant and even a build-your-own pizza concept.
San Antonio population growth #1 in the nation
San Antonio proper boasted the highest numeric population gain in the nation from 2016-2017, according to the U.S. Census Bureau, adding some 24,200 new residents. This surge has pushed the population within city limits to 1.5 million – a new record – and remains on-track to add another million residents by 2040.
More Sears closings are announced
Once the largest U.S. retailer, Sears has slashed its store count in half over the past five years. The embattled department store chain is quietly closing another 72 stores, in addition to the 166 stores already planned for the chopping block this year. The Sears store at North Star Mall will close its doors by the end of the summer.