If, indeed, the Covid-19 pandemic has sounded the death knell of downtown office space, then San Antonio has a 1.6 million-square-foot problem on its hands.
That number - published by CoStar Group Inc. (NASDAQ: CSGP), represents a 15.4% vacancy rate downtown - a far cry from the sub-5% vacancies San Antonio enjoyed during its 'decade of downtown' in the 2010s - and is poised to get worse before it gets better.
'The statistics don't tell you what's happening downtown on a day-to-day basis,' said Sarah Esserlieu, economic development director with Centro San Antonio, an organization representing the interests of businesses downtown.