The San Antonio CRE Market at a Glance
CBRE reported 17.6% vacancy across its San Antonio office survey in Q2 2026, up 10 basis points from Q1. Net absorption was negative 44,000 square feet for the quarter, even as approximately 140 new leases totaling 590,000 square feet were recorded. Leasing activity and net occupancy changes measure different things. These market figures do not describe the leases or financing prospects of any one building.
CBRE's San Antonio industrial survey reported 10.3% vacancy in Q2 2026, down 10 basis points from Q1, and positive net absorption of 252,000 square feet. Its construction pipeline measured 2.9 million square feet across seven projects, with no new deliveries during the quarter. The office and industrial surveys cover different property types and should not be treated as one market.
For a San Antonio borrower, actual leases, operating results, nearby competition, and the cost of vacant space matter more than a metro average. An industrial construction request needs a credible tenant and budget plan; an office refinance needs verified income, lease expirations, and tenant improvement obligations. These figures are CBRE's research, not CapitalAx deal flow. CapitalAx's role is to organize the transaction and compare financing options.
San Antonio Market Stats at a Glance
Published market research for San Antonio, Q2 2026. Check each source's coverage and methodology before applying a metro figure to a property.
Office vacancy
17.6%
CBRE, San Antonio office survey, Q2 2026; up 10 basis points from Q1.
Office net absorption
Negative 44,000 sq. ft.
CBRE, Q2 2026.
New office leasing
590,000 sq. ft.
CBRE, approximately 140 new leases in Q2 2026; leasing is not net absorption.
Industrial vacancy
10.3%
CBRE, San Antonio industrial survey, Q2 2026; down 10 basis points from Q1.
Industrial net absorption
252,000 sq. ft.
CBRE, Q2 2026.
Industrial construction pipeline
2.9M sq. ft.
CBRE, seven projects, Q2 2026.
Sources and methodology
Figures are attributed to the research firms above, not CapitalAx transaction data. Their office and industrial surveys cover different property types and should not be compared directly. CapitalAx's financing analysis is separate from those firms' findings.
What Anchors San Antonio's Capital Demand
Local employers and infrastructure that can influence demand for different property types.
Military and Cyber
Joint Base San Antonio and nearby employers can influence housing and office demand. A lender still needs to evaluate the actual property's tenant mix and location.
Medical and Bioscience
The South Texas Medical Center includes hospitals and specialty practices. Medical office financing depends on use, actual leases, practice finances, and building suitability.
Toyota Manufacturing
Toyota's South Side manufacturing presence is relevant to nearby industrial space, but tenant commitments and building specifications determine whether a project fits.
I 35 Trade Corridor
San Antonio's road connection toward Laredo matters for logistics users. Access alone does not guarantee occupancy for a particular warehouse.
Tourism and Conventions
The River Walk and convention facilities can bring visitors, but a hotel's own occupancy, expenses, and renovation obligations determine its financing.
Housing and Services
Residential development can affect demand for apartments and neighborhood retail. Compare local occupancy and competing projects before relying on a growth narrative.
Property Types and Financing Considerations
How financing needs differ by property type across San Antonio.
Industrial Financing
Industrial lenders review tenant commitments, specifications, competing space, and lease up risk alongside CBRE's broader vacancy figures.
Learn MoreMultifamily Financing
Apartment underwriting depends on actual occupancy, concessions, expenses, and nearby competing units.
Learn MoreMedical Office Building Financing
Medical office financing depends on actual occupancy, tenant or practice finances, lease terms, and suitability for clinical uses.
Learn MoreHotel Financing
Hotel lenders review occupancy, operating statements, franchise obligations, and renovation costs rather than assuming a metro tourism trend applies to a property.
Learn MoreRetail Financing
Retail underwriting calls for a review of the rent roll, anchor tenants, lease expirations, and the local customer base.
Learn MoreOffice Building Financing
An office refinance needs building level leasing, tenant improvement costs, operating expenses, and realistic proceeds, not just a metro vacancy figure.
Learn MoreWhy San Antonio Borrowers Come to CapitalAx
Why borrowers and investors in San Antonio seek commercial financing and how CapitalAx structures solutions for each scenario.
Industrial Development
A warehouse project needs a supportable construction budget, tenant or lease up plan, sponsor capacity, and an exit strategy.
Multifamily Renovation
A renovation plan needs evidence of existing income, unit level costs, reserves, and supportable rents after improvements.
Medical Practice Ownership
An eligible practice buying its own space can compare conventional loans with SBA programs based on occupancy and business requirements.
Hospitality Acquisition and Improvements
A hotel acquisition or property improvement plan needs operating history, a renovation budget, brand requirements, and a realistic financing structure.
Owner Occupied Business Property
An eligible business buying its own space can compare conventional financing with SBA options based on property use and business performance.
Loan Programs That Move San Antonio Deals
These are the lending programs most frequently matched to deals in the San Antonio market through our 350+ lender network.
Bridge Loans
Bridge capital may fit a renovation or lease up that cannot yet qualify for permanent financing. Review the cost and exit plan.
Learn MoreConstruction Loans
Construction financing depends on the site, permits, budget, sponsor capacity, and projected demand for the finished space.
Learn MoreSBA Loans
SBA 7(a) and 504 programs may fit eligible businesses buying owner occupied property.
Learn MoreDSCR Loans
DSCR investor loans evaluate property cash flow for qualifying rental investments.
Learn MoreCommercial Mortgage
Permanent financing for eligible stabilized San Antonio properties depends on property income, condition, borrower strength, and lender review.
Learn MoreHard Money Loans
Short term acquisition financing may suit certain transactions, but compare its full cost, conditions, and repayment plan before proceeding.
Learn MoreTools for San Antonio Investors
Commercial Mortgage and Loan Amortization Calculator
Calculate commercial mortgage payments, total interest, and a month by month loan amortization schedule.
Qualification Checker
Check which commercial loan programs you may qualify for based on your deal profile.
Deal Feasibility Analyzer
Analyze whether a commercial real estate deal pencils before you commit capital.
Loan Comparison Tool
Compare multiple loan scenarios side by side to find the best financing structure.
Other Texas Markets
Explore commercial real estate markets near San Antonio where CapitalAx arranges financing.
How Market Data Shapes Lending Decisions
San Antonio's office net absorption was slightly negative in CBRE's Q2 survey despite new lease signings. A property owner should not equate leasing volume with net occupancy gains. Verify signed leases, actual occupancy, upcoming expirations, and the cost of any vacant space before sizing a refinance.
Industrial vacancy in CBRE's San Antonio survey edged down in Q2, but the 2.9 million square foot construction pipeline still matters when evaluating a new project. Review direct competing buildings, tenant commitments, construction costs, and a credible lease up schedule rather than treating metro demand as a guarantee.
A River Walk hotel, a medical office near the medical center, and a warehouse have different operating risks and program requirements. CapitalAx's role is to assemble the property information, assess program fit, and compare available options. Published market averages are not financing commitments.