保护古迹 and 在圣安东尼奥建造新建筑

February’s Letter was about the Tug-of-War between worker shortages we are facing and the need to tamp down high inflation. Let’s now talk about the places where about one-third do their work – offices.

Fast Fact – Women comprise about 70% of the office workforce and men 30%.

商业楼宇价格指数

Green Street Research is the most respected Commercial Real Estate analyst company and their 商业楼宇价格指数, which tracks all sectors of CRE, has fallen 15% in the past year from its peak in March of 2022. 写字楼价格下跌幅度更大, 下降了17%, and their decline is now accelerating with a 4% decline in January alone.

商业地产正感受到压力

Rising interest rates have put the brakes on commercial real estate sales全国经纪公司世邦魏理仕(CBRE)表示. 尴尬的, 许多商业地产的贷款即将到期, 再融资可能变得困难和昂贵. 其他人可能无法支付他们的抵押贷款作为成本, 比如财产税，然后结束, rise along with vacancies due to the current earnings recession. A类房产正吸引着优秀的租户, but Class B and Class C buildings are feeling the brunt of the squeeze.

圣安东尼奥空置率，最好和最差

Let’s focus on one of the most important places for office workers in San Antonio – Downtown, 也被称为中央商务区. This is where about 70,000 people work daily, out of our 1.200万劳动力.

整体, office vacancy in San Antonio has spiked to 20% year over year, by far the largest vacancy increase in Texas metro areas. Downtown being the worst with over 30% vacancy, according to Stream Realty. 这个城市最好的区域是西北部, 包括轰-10走廊, 医疗中心延伸到拉坎特拉和边缘.

Work-From-365bet苹果客户端。, a Corporate Employee Retaining Strategy

USAA保险公司 最近宣布他们要离开市中心, 离开500,000 SF美国银行广场和One Riverwalk Place, 两者都是他们的, to consolidate those 500 employees back to their IH-10 Main Campus. USAA保险公司 is known to be one of the best places to work in the U.S. and they relied on Work- From-365bet苹果客户端。 (WFH) to keep up their customer service during the pandemic. 现在，他们希望更多的工人回到办公室工作. So, 甚至有三分之一的员工仍在工作, they need less office space and calculate they will save $31-million a year by leaving Downtown and other downsizings.

在全国范围内, it’s estimated that about one-third of workers are still working remotely full-time or part of the week. 对一些企业来说, this has become the best solution to retaining good workers, getting the job done and still maintaining a cohesive business.

Demand for office space has slowed since the pandemic as more people work from home and employers reduce their rental space footprint, just like USAA保险公司 leaving and consolidating on their 5-million Square Foot northwest campus.

Years ago, USAA保险公司 tried a four-day work week with 10 hour days and Fridays off, but it didn’t stick. 现在, post-pandemic across the country the concept of the hybrid 3-day-in-office workweek is taking hold, 在周二, Wednesday and Thursday in-office and WFH Monday and Friday.

这是一种平衡. Supervisors want to see more collaboration and team building, while 20-something new-hires want the face-to-face training they need to advance their careers, but everyone likes an extra day or two working remotely.

“Times are a’Changin” (Bob Dylan, 1964 for you 20-somethings).

市中心办公室到公寓的转变

《365bet》(佩图拉·克拉克, 1964) has a very high vacancy rate and then pile on that less than two-thirds of the workers are actually in the office, 这要看星期几了. 周一停车应该很容易. 与此同时, older Class B and C office buildings are “becoming functionally obsolete,” stated a report by the Urban Land Institute and the National Multifamily Housing Council.

“Demand for office space is anticipated to grow more slowly post-pandemic than in the past and be more focused on newer stock.” We see that only the new Class A buildings near The Pearl are generating much new leasing interest.

结果是, San Antonio is joining a national trend whereby old office buildings are being converted into something new, 比如公寓或酒店. 在美国，办公室到公寓的转换.S. are at an all-time high, according to the apartment search site RentCafe.

在我们美丽的城市, 以米兰大厦为例, built in 1928 and the first all air-conditioned building in the U.S., which was bought by Weston Urban in 2016 and will probably be converted to apartments.

The iconic Tower Life Building is being converted to multi-family by a local group of investors headed by Ed Cross and Nix Hospital was purchased several years ago also for conversion to apartments.

Then there is the old CPS headquarters on the Riverwalk next to La Villita that will become a 243-room $55-million hotel dubbed El Portal with River level restaurants.

河景大厦, 位于Soledad 111号, was recently purchased for conversion from offices to a dual-branded Marriott. If we include the Cavender Cadillac to Soto 办公室 building conversion and The Pearl we see there will be a new second life for these beautiful old buildings.

新建筑

There is a considerable amount of new construction, too. Weston Urban has broken ground on a 32-story residential tower at 300 Main, and the new UTSA San Pedro II education building has broken ground at the San Pedro Creek Parkway and Dolorosa, 加入它的姐妹, 刚刚开业的167,000 SF San Pedro I School of Data Science and National Cybersecurity Collaboration.

Preserving the old and constructing the new is San Antonio’s way for our places to work.