As one of the fastest-growing real estate markets in the country, San Antonio is home to its fair share of construction. New commercial properties have proliferated throughout the eight-county metropolitan area in recent years, and 2024 looks to be another banner year for real estate development, at least in terms of the number of projects slated for completion. Several projects across the area’s five main property types — hospitality, industrial, multifamily, office and retail — stand out due to their size and importance to the local market.

San Francisco-based Kimpton Hotels & Restaurants is set to open San Antonio's first Kimpton Hotel in the downtown area in late 2024. Part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, the upper-tier, 347-room hotel is near the historic Hemisphere Park and the Henry B. Gonzalez Convention Center, at the intersection of the historic La Villita neighborhood and the Southtown arts district. The project is an adaptive reuse of an 1850s schoolhouse, blending historic and modern elements to create a unique experience for visitors and residents alike. The 10-story hotel will feature a rooftop pool, lounge, bars and restaurants as well as more than 10,000 square feet of meeting and event space. The hotel will be owned and operated by White Lodging.

IHG Hotels & Resorts' luxury InterContinental brand is expanding into San Antonio with the renovation of a former Wyndham hotel along the Riverwalk. The InterContential San Antonio Riverwalk, owned by the Scarlett Hotel Group, will feature 410 rooms, 40,000 square feet of meeting space, restaurants and bars, and a rooftop pool. The project is expected to be completed by late 2024. It is the first of the InterContinental brand in San Antonio and the city's 14th luxury-class hotel — the eighth one downtown. This area of downtown, expanding west towards the new $300-million San Pedro Creek Culture Park, has recently gained interest from developers. The park is set to open in the summer of 2024.

Microsoft’s new data center encompasses approximately 300,000 square feet in Medina County, just west of the city of San Antonio. On more than 200 acres, this data center is being built in an unincorporated area just outside of Castroville, a city that has been experiencing population growth as more people have been moving further west from the core of San Antonio. The data center will likely usher in new jobs for the area and represents the momentum for growth that has been building west of Loop 1604, into Medina County. Microsoft’s total investment in commercial real estate in the San Antonio area is reportedly in excess of $1 billion.

Encore Grayson, at 1203 Austin St., near the rapidly developing Pearl district, will add nearly 400 new apartments to San Antonio’s Lower Broadway corridor. This section of Broadway Street runs through both the upscale, walkable Pearl area and the burgeoning River North district, just south of midtown. It has been a major center of multifamily development in recent years, and Encore Grayson is slated to be another key addition to this area. Encore Grayson is an example of the Pearl’s influence pushing east into the historic Government Hill neighborhood, which is home to some of the oldest multifamily properties in the San Antonio area, many of which are duplexes and triplexes.

WatersEdge is an upcoming project at Brooks, a mixed-use district on the city’s southeast side and a prime example of the successful redevelopment of a former military base. WatersEdge will bring approximately 200,000 square feet to market across two buildings as part of this multi-phase project at Brooks, and represent the first four- or five-star office development in Southeast San Antonio since 2013. Ten years ago, a 15,000-square-foot, four-star medical office building was developed on the city’s southeast side, but since then the area has largely been lacking high-end, market-rate office inventory compared to peer areas north and west of downtown. Brooks has been reframing the southeast side in a way that has brought significant attention to this area, securing its position as one of the city’s key engines of economic growth in the coming years.

Not only is Brooks bringing the city’s largest speculative office development to market next year, it is also building on its successes in other property types, to include retail. La Picosa is the largest retail project underway in the eight-county area, totaling 100,000 square feet of gross leasable space at a prime intersection along Southeast Military Drive. This retail project will be the first four-star center built in southeast San Antonio since 2008’s 4102 South New Braunfels at the McCreless shopping center.