The Hendricks report warns that vacancies are expected toincrease because of weaker economic conditions and a large numberof new units in the construction pipeline.
Moreover, rent growth has been sluggish. Year-over-year, rentsrose 3.1% to an average of $587, but rents were unchanged from2001's second quarter to the third quarter. The biggest rent jumpwas 5.1% in Central San Antonio.
The Hendricks report says job growth has slowed to 1.7% from2.1% in 2000. Additionally, companies, including such as largeemployers USAA and SBC Communications, have cut hundreds of jobs.It notes American Airlines, AT&T and Weblink have closed callcenters in San Antonio.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
