Milam Real Estate Capital Signs PwC to Upsize Office Lease

Global professional services firm PwC is trading its office space in downtown San Antonio for a larger one on the city’s North Side.

PwC, which occupies 12,000 square feet in the historic Burns Building at 106 Jefferson Street, will soon move into 14,000 square feet space in Concord Plaza, the San Antonio Business Journal reported. The 11-story building, at 200 Concord Plaza Drive, is owned by Milam Real Estate Capital.

The need for a more convenient office location, closer to employees and clients, sparked the firm’s decision to relocate. The new office layout will feature open collaboration areas and individual workstations to support different working styles.

Milam Real Estate Capital bought the building in 2016 with partners that included Whataburger affiliate Tres Grace, the San Antonio Express-News reported.

This relocation comes just after Visionworks made plans to move from downtown also to the North Side. The eyewear firm is downsizing from 150,000 square feet to 30,000 square feet at 19100 Ridgewood Pkwy to accommodate its remote workforce.

San Antonio’s office vacancy stood at 16.8 percent in the second quarter, according to JLL. More than 873,000 square feet of space was 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 and rightsize their office footprints,” several lease expansions were also signed in the second quarter, JLL analysts wrote.

The flight-to-quality trend has led to losses for older buildings in other Texas metros, but the picture is a little different in San Antonio.

“Construction activity remains halted, allowing room for vacancy to further tighten considering continued leasing momentum,” the analysts wrote.

— Andrew Terrell