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,”…
