Spectrum Expands San Antonio Office Footprint

Crosswinds Business Park, Building B

Communications firm Spectrum has signed a lease renewal and expansion at Crosswinds Business Park’s Building B, in the Northeast submarket of San Antonio. The 87,597-square-foot commitment brought the office property, owned by Briar Meads Capital, to 100 percent occupancy.

The deal is one of the largest lease transactions completed in the Northeast submarket in 20 years. Transwestern Real Estate Services Vice President Charlie Weil and Vice President Luis Garza worked on behalf of the landlord.

CommercialEdge data shows that Spectrum previously occupied 69,000 square feet at the property. The 94,599-square-foot asset came online in 1999 at 11826 Tech Com Way. The LEED Silver-certified building is some 13 miles from downtown San Antonio, just north of Interstate 35.

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According to a recent JLL office report, the San Antonio market improved in the third quarter of this year after seeing some 500,000 square feet of occupancy loss in the first half of 2022. The metro witnessed nearly 52,000 square feet of positive absorption in Q3; however, the vacancy rate remained high at 17.9 percent.

In one of the more significant deals of the year, Morgan Stanley and Embrey Partners signed new leases, totaling 53,000 square feet, at a newly completed development. The property is north of Midtown, one of San Antonio’s most active submarkets with more than 73,000 square feet of occupancy gains in 2022, JLL research shows.