Crosswinds Enterprise Park, Constructing B
Communications agency Spectrum has signed a lease renewal and growth at Crosswinds Enterprise Park’s Constructing B, within the Northeast submarket of San Antonio. The 87,597-square-foot dedication introduced the workplace property, owned by Briar Meads Capital, to one hundred pc occupancy.
The deal is among the largest lease transactions accomplished within the Northeast submarket in 20 years. Transwestern Actual Property Providers Vice President Charlie Weil and Vice President Luis Garza labored on behalf of the owner.
CommercialEdge knowledge reveals that Spectrum beforehand occupied 69,000 sq. ft on the property. The 94,599-square-foot asset got here on-line in 1999 at 11826 Tech Com Manner. The LEED Silver-certified constructing is a few 13 miles from downtown San Antonio, simply north of Interstate 35.
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In line with a latest JLL workplace report, the San Antonio market improved within the third quarter of this yr after seeing some 500,000 sq. ft of occupancy loss within the first half of 2022. The metro witnessed practically 52,000 sq. ft of constructive absorption in Q3; nevertheless, the emptiness price remained excessive at 17.9 %.
In one of many extra important offers of the yr, Morgan Stanley and Embrey Companions signed new leases, totaling 53,000 sq. ft, at a newly accomplished growth. The property is north of Midtown, one in every of San Antonio’s most lively submarkets with greater than 73,000 sq. ft of occupancy good points in 2022, JLL analysis reveals.
