SAN ANTONIO Experts at Bisnow's Future of Downtown event last week in believe multifamily development may revive its Downtown.Centro Partnership CEO Pat DiGiovanni says creating new housing there will have a domino effect; office users will enter the submarket to be near the employee base. And he thinks converting obsolete office space (especially historic buildings) into multifamily would clear up excess vacancy. (Finally, everyone is embracing our idea of sleeping at your desk.) Class-A office vacancy is 20%, while all Downtown multifamily properties are over 90% occupied. Mayor Julian Castro's on board, calling for 5,000 residential units to be added in the submarket by 2020, more than double today.
Multifamily To Spur Revival
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Centro Partnership CEO Pat DiGiovanni