Merit Commercial Real Estate sees room for growth in San Antonio office market
“The San Antonio office market remained exceptionally strong compared to other major cities,” noted Ryan Harrison, CEO of Merit Commercial Real Estate. “We have seen strong demand for this type of building in the Northwest submarket from the tenants we represent, which led us to this acquisition,” said Mike Sawtelle, EVP tenant representation broker for Deserved and longtime actor in the San Antonio office market.
Many Fortune 500 companies across the country had plans to bring their workforces back to the office this fall, only to postpone those plans. Now, major cities are seeing companies shift strategies and implement a hybrid or fully remote working style. On the other hand, the majority of San Antonio companies have seen continued interest in returning to work.
“While headlines from cities like New York and San Francisco painted a picture of vacant office buildings, San Antonio office market remained stable,” said Harrison. “What we hear from companies in San Antonio is that technology, for all its capabilities, has stood in the way of in-person collaboration and team-wide support.”
For most companies, discussions about returning to the office include balancing safety and productivity while using office space as a tool to attract and retain talent. Some of the key features and benefits desired by employees include (i) single-story office buildings due to their unique access control capabilities (ii) proximity to employees’ homes, and (ii) outdoor spaces such as rest areas and walking paths.
University Park Tech Center I & II is unique in the San Antonio market and represents one of the very few large single-story blocks of space available in the I-10 corridor. It is to position oneself in Northwest of San Antonio offers reduced travel times to a large part of that of San Antonio workforce and the property has a wooded walking path and outdoor seating areas that Deserved has improvement projects.
Deserved which specializes in tenant representation, has uniquely positioned itself, “having the ability to acquire and develop real estate assets for our clients differentiates us from all other tenant representation firms in the market and allows us to capitalize on opportunities for the benefit of our customers,” said Will Collins, Co-CEO of Deserved.
“San Antonio is in an excellent position to take advantage of a strong Texas business environment and the resulting unprecedented population growth,” said Harrison, “and our investment in University Park Tech Center I & II represents our confidence in the strength of our local office market.
Contact: Will Collins, CEO, 210-541-2005, [email protected]
SOURCE Merit Commercial Real Estate