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rofessional services firm PwC is relocating to a larger office on San Antonio's North Side, leaving behind its current location in the historic Burns Building at 106 Jefferson Street. The new office, spanning 14,000 square feet, will be located at Concord Plaza, owned by Milam Real Estate Capital. The decision to move was influenced by the need for a more convenient location, closer to employees and clients. The new office layout will feature open collaboration areas and individual workstations to accommodate various working styles.

    Milam Real Estate Capital acquired the building in 2016, in partnership with Whataburger affiliate Tres Grace, as reported by the San Antonio Express-News. This relocation follows Visionworks' recent decision to downsize from 150,000 square feet to 30,000 square feet at 19100 Ridgewood Pkwy to accommodate its remote workforce.

    According to JLL, San Antonio's office vacancy rate stood at 16.8 percent in the second quarter, with over 873,000 square feet of space leased in May through June, making it one of the city's best quarters for office leasing in recent history. While many companies continue to reassess their office footprints, several lease expansions were also signed in the second quarter, as noted by JLL analysts.

    The flight-to-quality trend has led to losses for older buildings in other Texas metros, but the picture is different in San Antonio. Construction activity remains halted, allowing room for vacancy to further tighten given the continued leasing momentum, as per JLL analysts.

    San Antonio is poised to lead the nation in office rent growth, as per recent reports. Visionworks has left its downtown headquarters for a smaller suburban space, contributing to the trend of companies reassessing their office footprints to accommodate remote workforces. Dallas office vacancies stood at 26% in Q1, highlighting the contrast between the two cities' office markets.