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San Pedro Plaza

— San Pedro Plaza San Antonio, TX 78216

Providing creative solutions increased occupancy 32%

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Challenges

San Pedro Plaza is a 162,509 square-foot building in the North Central submarket of San Antonio. When Stream was asked to increase occupancy in the building in July 2020, the building was only 50% occupied in a market where demand had decreased significantly due to COVID-19 and the resulting increase in work-from-home strategies. Stream was asked to increase occupancy in the building and position it for a potential sale.

Solutions

By listening to the market and outworking our competitors, Stream expanded its scope of a traditional office broker. We identified clear targets by examining trends in the
area. By thinking like an owner, we made out-of-the-box recommendations for tenant space needs, terms, and construction build out. This allowed us to help our client and tenants visualize, design, and build their spaces for long-term occupancy while balancing short-term needs. Being intricately involved in the process allowed the tenants to grow more efficiently and leave the building with marketable vacancies.

Results

Within 18 months, Stream increased the occupancy in the building 50% to 82% leased with more than 52,000 square feet of new tenancy added to the building. At the same time, the North Central submarket vacancy rate increased from 16.29% to 24.91%. The hard work brought the San Pedro Plaza above the submarket average in occupancy. In addition to the new tenancy, the Stream team renewed several current tenants, further increasing the value of the building and retaining occupancy at a critical time.