Merit Commercial Real Estate Sees Room for Growth in San Antonio Office Market
Local firm bets big on returns to the office with acquisition of 200,000-square-foot pair of office buildings.
SAN ANTONIO, Dec. 22, 2021 /PRNewswire/ -- On November 30, Merit Commercial Real Estate closed on the acquisition of University Park Tech Center I & II, a two-building office project containing approximately 200,000 square feet. Clarion Partners, a New York-based real estate investor was the seller. The acquisition represents Merit's first substantial investment in the San Antonio office market.
"The San Antonio office market has remained exceptionally strong by comparison to other major cities", noted Ryan Harrison, CEO of Merit Commercial Real Estate. "We saw strong demand for this type of building in the northwest submarket from the tenant's we represent, which led us to this acquisition", stated Mike Sawtelle, EVP tenant representation broker for Merit and long-time mover-and-shaker in the San Antonio office market.
Many Fortune 500 companies across the country had plans to bring their workforce back into the office this fall, only to postpone those plans. Now, major cities are seeing companies change strategies and implement a hybrid or fully remote style of working. In contrast, the majority of San Antonio companies have seen continued interest in returning to the workplace.
"While headline news from cities like New York and San Francisco have painted a picture of vacant office buildings, the San Antonio office market has remained stable," said Harrison. "What we're hearing from companies in San Antonio is that tech—for all its capabilities—has gotten in the way of in-person collaboration and team-wide support."
For most companies, discussions to return to the office include balancing safety and productivity while using office space as a tool to attract and retain talent. Key among employees' desired features and benefits are (i) single story office buildings due their unique access control capabilities (ii) proximity to employees' homes and (ii) outdoor areas such as break areas and walking trails.
University Park Tech Center I & II is unique in the San Antonio market and represents one of very few single-story, large blocks of space available in the I-10 corridor. It's positioning in Northwest San Antonio offers reduced commute times to much of San Antonio's workforce and the property boasts a wooded walking trail and outdoor break areas which Merit has plans to improve.
Merit which specializes in tenant representation, has uniquely positioned itself, "having the ability to acquire and develop real estate assets for our clients differentiates us from every other tenant representation firm in the market and allows us to capitalize on opportunities for our client's benefit," stated Will Collins, Co-CEO of Merit.
"San Antonio is in a great position to take advantage of a strong Texas business environment and the resulting unprecedented population growth," said Harrison, "and our investment in University Park Tech Center I & II represents our confidence in the strength of our local office market."
Contact: Will Collins, CEO, 210-541-2005, [email protected]
SOURCE Merit Commercial Real Estate
Share this article