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San Antonio Office Market Shows Signs of Stabilizing, Despite Rough Year

Posted by Richard Soto on Wednesday, December 9th, 2009 at 11:40am.

Northwest San Antonio has begun showing signs of stability, and Wereldhave, a Netherlands-based development firm, is one of the first to notice – and to take action. This development firm has plans to bring a high-end, mixed-use community to San Antonio, and the first part of the project is expected to debut as early as this fall. 

Two Class-A Office Buildings on the Horizon

The master-planned community envisioned by Wereldhave will have two, Class A office buildings, thereby boosting the sagging office market here in San Antonio. The office buildings will be a part of their master-planned project entitled “eilan.” The mixed-use community will measure a whopping 220,000 square feet and will cover about 118 acres, once completed. The first of the two office buildings is due to be completed this September, with the second one expected to open just one month later. Wereldhave recently hosted a “topping out” ceremony for the two, newest office buildings, which is essentially a tradition that marks the completion of a structure’s framework.

Looking Ahead

Giving the local office market economy a boost, leasing has begun already for both of the office buildings. Eilan will be located along the northeast quadrant of Loop 1604 and La Cantera Boulevard, which is just a short distance away from Interstate Highway 10. Once completed, the development will include nearly 1.8 million square feet of space, including office, retail and residential development. The project is expected to top $300 million.

Confidence Remains

Brian Harris, senior vice president of Wereldhave, notes that the project is completely funded through the company. He states that they have confidence that the office market in San Antonio is on a path to recovery, and the office market is still in relatively good shape, all things considered. Many real estate experts note that, although the vacancy rate for office space in San Antonio is up quite a bit, Class A office buildings in the local market are relatively scarce, denoting a need for this type of space in the market.

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