Oxbow Greenlit for Tobin Hill Apartments, Office Space
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. San Antonio industrial demand along the I-35 corridor has been driven by spillover from the larger Texas Triangle gateways. Multifamily fundamentals are steady. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The third San Antonio story tracked on the wire in September 2026. All San Antonio coverage →
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
A San Antonio planning board has given the go-ahead for an office-and-residential project in Tobin Hill. Oxbow hopes to build 86 apartments and 140,000 square feet of office space at 111 Isleta. The San Antonio Busine…
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