Feasibility Study Company Independent Feasibility Analysis

Texas · San Antonio

San Antonio Feasibility Studies

San Antonio's question is time. The metro adds people steadily, 38,402 in the year to July 2025 1, but payrolls grew only 6,100 in the year to August 2026 3, and Apartments.com's estimate of 16% apartment vacancy in Q2 2026 was the highest of any major U.S. market 17. Military installations, hospitals and new auto plants keep the demand base stable, so whether demand exists is rarely the issue. How long the subject takes to stabilize is, and whether the loan can carry the wait.

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2,813,140
MSA residents, July 1, 2025 1
16%
Estimated apartment vacancy, Q2 2026, highest of major U.S. markets 17
1,126
Multifamily units permitted, 12 months to June 2026 16
$3.6B
Toyota plant expansion announced in 2026 6
Economic Base

Military, medicine and a new generation of South Side plants.

San Antonio's demand base changes slowly, and for a lender that is its main virtue. Joint Base San Antonio, which spans Fort Sam Houston, Lackland and Randolph, is the metro's defining employer. The economic development page the research found gives a JBSA headcount but no date 4, so this page does not quote it; a study that leans on base personnel should obtain the installation's current economic impact figures and name their year. The same gap applies to H-E-B and USAA, whose local headcounts were not found in a primary source.

Health care is the second pillar, and its evidence is about supply and consolidation rather than headcount. Medical office vacancy reached 12.3% in Q2 2026, its third straight quarterly rise 9. In August 2026, Methodist Healthcare took over 18 urgent care centers in San Antonio as part of HCA's purchase of a Texas chain 10. Senior housing keeps adding stock on the northwest side: The Waterford at Shavano Park opened in 2024 with 84 units of assisted living and memory care, joining The Haven and The Laurels in Stone Oak, with 60 and 94 units, which date from 2003 11. Payers are pushing back on the costliest formats: an advocacy group, citing the San Antonio Express-News, reported that one freestanding ER operator accounted for 53% of the city employee plan's ER claims in 2025 and that the plan's average cost per visit rose from $886 to $1,846 36. For a medical office, clinic, freestanding ER or senior housing study, the demand is real but so are the competition and the payer risk, and the study has to show the subject's share of the market.

The upside is manufacturing on the South Side. Toyota announced a $3.6 billion expansion of its San Antonio plant with 2,000 jobs, 2,500,000 square feet of building area, a second assembly line for the Tacoma, a footprint doubled by 2030 and a $20 million Texas Enterprise Fund grant 6; its local workforce of more than 3,700 is expected to reach about 6,000 5. JCB broke ground in June 2024 on a $500 million, 1 million-square-foot plant, with production from 2026 and 1,500 jobs planned over five years 8. IEM's $200 million plant at Brooks was reported in September 2026 with up to 3,000 jobs 7. Those announcements support apartments, quick-service restaurants, fuel and childcare on the South Side, but only as hiring happens. A study should model those jobs on the employers' own hiring schedules and show the project still covers its debt if hiring lags.

Freight and power round out the picture. Love's opened a San Antonio travel stop on April 16, 2026 with 70 spaces for trucks 12, and Cushman & Wakefield's 2025 guide put San Antonio's data center construction cost at $9.3 million per MW, the lowest of 19 U.S. markets against an average of $11.7 million 13.

Hotels and motels in the market employed 14,514 people in 2023 by County Business Patterns 43. Median household income was $76,213 in the 2020 to 2024 American Community Survey 41 and per capita personal income $63,226 in 2024 42, the figures a retail or service study tests its average ticket against.

Anchor or projectFigurePeriodSource
Toyota expansion$3.6 billion; 2,000 jobs; 2.5 million sq ft; $20 million state grantAnnounced 20266
Toyota Motor Manufacturing Texas workforceMore than 3,700 now; about 6,000 after expansion20265
JCB plant$500 million; 1,500 jobs over five yearsGroundbreaking June 20248
IEM plant, Brooks$200 million; up to 3,000 jobsReported September 20267
Medical office vacancy12.3% (third straight quarterly rise)Q2 20269
Urgent care centers acquired by Methodist Healthcare18August 202610
Love's travel stop, San Antonio70 spaces for trucksOpened April 16, 202612
Data center construction cost$9.3 million per MW (19-market average $11.7 million)202513
Joint Base San Antonio headcountNo dated figure in the researchGap4
Supply by Asset Class

An apartment reset in progress, steady hotels and crowded storage.

Apartments: highest vacancy, smallest pipeline

Apartments.com estimated San Antonio's vacancy at 16% in Q2 2026, the highest of the major U.S. multifamily markets 17. RealPage data put the annual rent change at minus 5.8% in the year to Q2 2026, the largest decline of any U.S. metro 18, and RealPage expects slight further declines over the next four quarters 19. The supply side has already reset: the 2026 pipeline is about 800 units, the slowest since 2011 20, against permits that peaked at 13,248 16.

That is a slower, steadier version of the correction under way in Austin: smaller swings, but a longer road back. On a San Antonio apartment loan the pro forma should hold today's rents, run the lease-up long enough to absorb the competing vacant units, and add no rent growth until the vacancy rate falls. Absorption evidence matters more here than the pipeline, because almost nothing new is coming (see absorption forensics and multifamily feasibility).

Hotels: soft, but not volatile

San Antonio's lodging numbers come from a broker's summary of CoStar data for economy through upper-midscale hotels only: in the year ending January 2025 those hotels ran 59.3% occupancy at an $89.48 average rate, for $53.06 RevPAR, and 560 rooms were being built on top of an inventory of about 23,000 21. Each of the next three quarters lost ground: RevPAR was down 3.7% in Q1 2025, 3.3% in Q2 and 3.4% in Q3 22. Those are steady, moderate declines, not the shocks seen in Austin or Houston. A study for a limited-service or extended-stay hotel should show which demand segment it serves (base visitors, medical travel, leisure on the River Walk or plant contractors) and test break-even against the current trend; our note on break-even occupancy and hotel page show how.

Storage, car washes and the rest

Storage for RVs and boats is oversupplied. Yardi Matrix reports that deliveries over the 36 months to September 2025 equaled 47.9% of San Antonio's inventory, the most of any market it tracks, against 15.0% nationally; six new facilities added about half again to supply, and rent growth was 0% 23. The same report's national universe was 2,060 completed dedicated facilities on 17,433 acres, with 51 under construction, as of October 9, 2025 23; six openings are a small number nationally and a large one for a single metro. A Class A boat and RV storage facility opened in New Braunfels on March 7, 2024 24. Any new RV and boat storage project there has to name each of those competitors and hold its rents flat. Garage condominiums add a third layer: one San Antonio project markets 65 units in 30-by-50 and 30-by-30 foot plans 37. Express car washes keep coming: BlueWave filed a 4,696-square-foot San Antonio location with an estimated cost of $1.25 million in 2026 25, one more reason an express car wash study needs a full competitor census. For industrial, retail, office, self-storage per capita and convenience stores the research has no San Antonio reading, so the study's own census supplies them (see self-storage and assisted living).

The five-year survey's median gross rent for the market was $1,363 a month 41, the midpoint for renter-occupied units paying cash rent.

Property typeReadingValueAs ofSource
MultifamilyVacancy (estimate)16%, highest of major U.S. marketsQ2 202617
MultifamilyAnnual rent change-5.8% (largest U.S. decline)Year to Q2 202618
Multifamily2026 pipelineAbout 800 units, slowest since 2011Mid-202620
Hotels, economy to upper midscaleOccupancy / ADR / RevPAR59.3% / $89.48 / $53.0612 months to January 202521
HotelRooms under construction; inventory560; about 23,000January 202521
HotelRevPAR change, Q1 / Q2 / Q3-3.7% / -3.3% / -3.4%202522
RV and boat storage36-month deliveries as share of inventory (U.S.)47.9% (15.0%)To September 202523
RV and boat storageRent growth; new facilities in three years0%; 6September 202523
RV and boat storage, national universeCompleted dedicated facilities; acres; under construction2,060; 17,433; 51October 9, 202523
Express car washBlueWave filing, San Antonio4,696 sq ft; $1.25 million202625
Industrial, retail, office, self-storage, convenience storesMetro readingsNot located in the researchGapGap
Growth

Steady population gains, the slowest payroll growth of the big four.

Population is the steady part of the story. Census puts 38,402 more people in the San Antonio-New Braunfels MSA in the year to July 1, 2025, for a total of 2,813,140; since the 2020 base of 2,558,389 the metro has grown 10.0% 1. The City of San Antonio reached 1,548,422 after a gain of 14,359, the third-largest numeric increase of any U.S. city 2. Unlike the suburban-led growth of Houston, a meaningful share of San Antonio's gain lands inside its own large city limits, where the city's code and utility rules apply.

Payrolls are the soft spot. Twelve months of hiring to August 2026 added only 6,100 jobs: the preliminary, unadjusted BLS count went from 1,185.6 thousand to 1,191.7 thousand, a 0.5% gain and the smallest of the four large Texas metros 3. Population is growing faster than jobs, which favors necessity retail, health care and housing over projects that depend on new business travel or office demand. It also means a demand model built on job growth will be modest unless the South Side hiring arrives on time.

Builders have already pulled back. Bexar County's 4,048 permits in HBWeekly's 2025 tracking were 21% fewer than a year earlier, and the metro total of just over 6,300 fell 18% 14. CultureMap, citing Construction Coverage and Census data, reported 14,857 units for 2024 15; the two are different universes and should not be chained. The multifamily count for the 12 months to June 2026 was 1,126 units, against a 13,248 peak 16. That collapse in new starts is the precondition for the apartment recovery described above, and it is why the absorption schedule, not new supply, decides most San Antonio loans now.

IndicatorFigurePeriodSource
MSA residents2,813,140As of July 1, 20251
2020 census base; growth since2,558,389; +10.0%2020 to 20251
MSA numeric change+38,402Year to July 1, 20251
City of San Antonio population1,548,422 (+14,359; No. 3 numeric gain among U.S. cities)July 1, 20252
Nonfarm employment1,185.6k to 1,191.7k (+6,100, +0.5%)August 2025 to August 2026 (preliminary)3
Residential permits, HBWeekly universe; Bexar CountyJust over 6,300 (-18%); 4,048 (-21%)202514
Residential permits, CultureMap ranking14,857 units202415
Multifamily permits, trailing 12 months1,126 units (peak 13,248)To June 202616
Lenders

A different 7(a) roster from the rest of Texas.

In San Antonio the 7(a) leaders are national SBA platforms. Huntington National Bank booked $12.4 million on 31 loans in calendar 2025, Live Oak Banking $11.0 million on 9 and Newtek Bank $8.9 million on 23, out of $167.2 million lent to 285 businesses citywide, by the count of GoSBA Loans, a ranking site working from SBA data 33. The Texas regional banks that top the Houston list do not appear at the top here, which matters to a sponsor: national lenders bring program depth and standardized credit boxes, so the feasibility study has to fit their templates.

Third of the six Texas districts, the SBA's San Antonio District reported $742 million for fiscal 2025, a total that appears to stop after three quarters 34. Its territory runs to 55 counties, including Bexar, Comal, Travis, Williamson, Hays, Webb, Kerr and Tom Green 35, so the district total includes the Austin area and Laredo and should not be read as San Antonio lending. The research did not locate the SBA's own fiscal 2025 lender ranking for the district. The slow lease-up is where the program rules bite: a start-up 7(a) loan is tested at 1.15x under SOP 50 10 8.1, which start-ups have to reach within two years, so a ramp that stretches into a third year needs more equity or a smaller loan, and the SBA 7(a) and 504 page sets out the other program rules. Senior housing often goes to HUD's Section 232 program or to bank and agency lenders (see conventional and institutional lending).

San Antonio, New Braunfels and the inner suburbs are too large for a USDA Business and Industry guarantee. The small towns of Wilson, Atascosa, Medina and Bandera counties are where that option is worth testing, using the parcel method on our Texas page; our USDA Rural Development page explains the program.

The visitor trade shows in the lending record as well. Lenders approved 2,892 7(a) loans for projects in its counties in fiscal years 2016 to 2025, net of cancellations, including $240.8 million of hotel loans, and 504 approvals came to $268.9 million over the same years 40.

Lender or channelFigurePeriodSource
Huntington National Bank, 7(a), city of San Antonio$12.4 million; 31 loansCalendar 202533
Live Oak Banking$11.0 million; 9 loansCalendar 202533
Newtek Bank$8.9 million; 23 loansCalendar 202533
City total, 7(a)$167.2 million; 285 businessesCalendar 202533
SBA San Antonio District$742 million (No. 3 in Texas)FY2025, apparently three quarters34
District territory55 countiesAccessed October 202635
Local Rules

A parking band, an aquifer and county rules on the Hill Country edge.

Parking minimums and maximums

San Antonio regulates parking from both sides, which is unusual among large Texas cities. The Unified Development Code sets minimum and maximum ratios: for general retail, at least 1 space per 300 square feet and no more than 1 per 200; for a hotel, at least 0.8 per room plus 1 per 800 square feet of meeting and restaurant space, and no more than 1 per room plus 1 per 400; for apartments, at least 1.5 per unit in residential districts with a cap of 2, and 1 per unit in nonresidential districts with a cap of 1.9; for warehousing, between 1 per 5,000 and 1 per 350 square feet; for offices, between 1 per 300 and 1 per 140 square feet; for a car wash, at least 1 per 500 square feet including bays and tunnels, and at most 1 per 375 square feet; for assisted living, 0.3 per bed plus 1 per employee 26. The downtown district is exempt, the IDZ-1 infill district has no minimums, and IDZ-2 and IDZ-3 sites may cut parking by half 27. Contrast Dallas-Fort Worth, where Dallas and Fort Worth have largely dropped minimums. In San Antonio a site plan that exceeds the maximum needs relief, so a study's parking count must fall inside the band. The ratios come from a code mirror current to 2018 and should be checked against the city's official code.

Edwards Aquifer and Hill Country counties

The state's Edwards Aquifer rules reach Bexar, Comal and Medina counties: nothing is built over the recharge or contributing zone until the state approves a protection plan 28. In Comal County, every septic system in the recharge zone, and the system for any RV park, requires engineered planning 29; its updated subdivision regulations took effect on June 11, 2026 30. Farther out, Bandera County charges an infrastructure development plan fee of $250 plus $10 per space for rental communities such as RV parks, sets subdivision lots of at least 10 acres where a lot relies on a well and septic, sets finished floors at least 1 foot above base flood elevation and lies in a state-declared priority groundwater management area 31. Utility hookups are a real line item at the edge of the metro: Comal County's minutes of March 6, 2025 record $1,392 for a single RV-style electric hookup 38. Those rules set the site count and the cost of water, wastewater and power, which is often the binding constraint on a Hill Country project.

Flood exposure is where Hill Country rules are moving fastest. Of the 136 people confirmed killed in the July 4, 2025 flood, at least 44 died in RV parks or campgrounds, a Houston Chronicle investigation found 39. An RV park or campground study on a Hill Country river should treat any pad in the special flood hazard area as one that a county may later restrict, and price the plan without it.

Hotel tax

The Texas Municipal League's 2018 guide lists San Antonio's combined hotel tax at 16.75% 32; a study must confirm the current state, city, county and venue rates, and the statewide limits are set out on our Texas page.

RuleMinimumMaximum or detailSource
San Antonio parking, general retail1 per 300 sq ft1 per 200 sq ft (grocery 1 per 150 sq ft)26
San Antonio parking, general office1 per 300 sq ft1 per 140 sq ft26
San Antonio parking, sit-down restaurant1 per 100 sq ft1 per 40 sq ft26
San Antonio parking, warehousing1 per 5,000 sq ft1 per 350 sq ft26
San Antonio parking, manufacturing1 per 1,500 sq ft1 per 300 sq ft26
San Antonio parking, hotel0.8 per room plus 1 per 800 sq ft of meeting and restaurant area1 per room plus 1 per 400 sq ft26
San Antonio parking, car wash1 per 500 sq ft including bays and tunnels1 per 375 sq ft26
San Antonio parking, self-storage4 spaces plus 2 for manager's quartersNone stated26
Infill districtsIDZ-1: no minimumIDZ-2 and IDZ-3: up to 50% reduction27
Bandera County development plan fee, rental communities$250 plus $10 per space$1,750 for 150 sites; $2,250 for 200 sites; $2,750 for 250 sites31
Bandera County final plat fee$100 under 33 lots$100 plus $3 per lot over 3331
Bandera County lot minimums10 acres with well and septic5 acres with public water and septic; 0.5 acre with water and sewer31
Comal County RV-style electric hookup$1,392 eachRecorded March 6, 202538
Corridors

I-35, I-10 and the loops: where a San Antonio study finds its traffic.

San Antonio's growth rings follow Loop 410 and Loop 1604, with I-35 running northeast toward New Braunfels and Austin, I-10 northwest toward Boerne and east toward Seguin, and US 281 north into Comal County. The South Side plant cluster around Toyota, JCB and Brooks is the newest employment node, and the research names it as the metro's main corridor story, without traffic counts. The I-35 and I-10 corridors between San Antonio and its satellite cities are where fuel, travel, storage and quick-service projects compete.

The loops are the local complication. A frontage parcel on Loop 410 or Loop 1604 can sit beside heavy traffic and still be hard to enter, so before the count matters the study has to trace how a driver reaches the driveway: from an exit ramp upstream, through a turnaround, or off a cross street. The count itself is pulled and reported by the method on our Texas page; near the South Side plants, where freight shares the road with commuters, the classification count is the one to read.

Worked Cases

Worked cases in the San Antonio region.

Two worked cases sit in the San Antonio region, one on each side of the metro. East of the city, the express car wash case in Seguin, Guadalupe County sets a tunnel wash on the I-10 and SH 46 corridor against a crowded local field, under SBA 504 with the special-purpose equity tier. Northwest, the assisted living and memory care case in Boerne, Kendall County sizes a HUD Section 232 loan for a new community where rates are high and competing stock keeps opening. In both, the lease-up schedule sets the loan, and it is the first number a feasibility study consultant in San Antonio is asked to defend.

Due Diligence

San Antonio checks for the credit file.

  1. The lease-up period

    An absorption schedule built from recent comparable lease-ups, long enough for today's vacancy, with no early rent growth.

  2. Coverage on a slow ramp

    The year the project reaches the coverage floor under the stretched schedule, and the equity that closes any gap.

  3. Dated military figures

    A current, dated JBSA personnel or economic impact figure for any project that depends on the bases.

  4. Plant hiring on schedule

    Toyota, JCB or IEM jobs counted only as the employers report them hired, with a late-hiring case.

  5. Health care competition

    For medical office, urgent care and senior housing, the rising vacancy and the operators consolidating the market.

  6. Parking inside the band

    A site plan that meets the UDC minimum without exceeding the maximum, checked against the official code.

  7. Aquifer, water and flood

    Edwards Aquifer plan status, septic or sewer approval, groundwater limits and any floodplain pads in the Hill Country counties.

  8. Loop access

    The exact route from the loop or interstate to the driveway, with the count read as our Texas page describes.

  9. Current hotel tax

    Today's combined rate in place of the 2018 figure.

San Antonio Questions

San Antonio questions a lender will raise.

How long should a San Antonio lease-up run in the pro forma?

Long enough to absorb the vacant units already competing with the subject, measured from recent comparable lease-ups rather than from the metro. The MSA had 2,813,140 residents in July 2025, 10.0% above the 2020 base 1, and the city's gain of 14,359 was the third-largest of any U.S. city 2, but nonfarm employment rose just 0.5% in the year to August 2026 3, and HBWeekly's 2025 permit count fell 18% to just over 6,300 14. People arriving faster than jobs fill buildings slowly. The schedule should show the month each competing building stabilized and place the subject behind them.

What would show the San Antonio apartment market has turned?

Supply has turned already; rents have not, and they are the signal to wait for. Only 1,126 multifamily units were permitted in the year to June 2026, down from a 13,248 peak 16, and the 2026 delivery pipeline of about 800 units is the thinnest since 2011 20. Yet Apartments.com's Q2 2026 estimate of 16% vacancy was the highest among major U.S. markets 17, and RealPage recorded a 5.8% rent decline in the year to Q2 2026, the steepest of any U.S. metro 18, with a little more erosion forecast 19. The pro forma that survives review starts at current rents, stretches the lease-up to fit the vacant stock nearby, and leaves rent flat until the vacancy number moves.

How crowded is the San Antonio storage and car wash field?

For RV and boat storage, more crowded than any other market Yardi Matrix tracks. Deliveries in the three years to September 2025 came to 47.9% of the metro's inventory, more than three times the 15.0% national share, and rents did not grow at all 23. New Braunfels gained a Class A boat and RV facility on March 7, 2024 24. Car washes are crowding in too: BlueWave's 2026 filing for a 4,696-square-foot San Antonio wash carries an estimated cost of $1.25 million 25. A market study for San Antonio storage or a car wash lists each competitor by name and holds rents flat.

Do the Toyota, JCB and IEM plants change demand on San Antonio's South Side?

Over time, and only as the hiring lands. Toyota's $3.6 billion expansion adds 2,000 jobs, a second Tacoma line and 2,500,000 square feet, backed by a $20 million Texas Enterprise Fund grant 6; the local workforce of more than 3,700 is to grow toward about 6,000 5. JCB's $500 million plant, started in June 2024, plans 1,500 jobs over five years with production from 2026 8, and IEM's $200 million Brooks plant, reported in September 2026, could reach 3,000 jobs 7. The study counts those workers on the employers' own hiring schedules and proves coverage if hiring runs a year behind.

Can a San Antonio site plan have too much parking?

Yes. The Unified Development Code sets a ceiling as well as a floor: general retail between 1 space per 300 and 1 per 200 square feet, a hotel between 0.8 and 1 space per room plus allowances for meeting and restaurant space, and a car wash between 1 per 500 and 1 per 375 square feet with bays and tunnels counted 26. A plan above the maximum needs relief. Downtown is exempt, IDZ-1 infill zoning carries no minimum, and IDZ-2 and IDZ-3 allow a 50% cut 27. The ratios come from a code mirror current to 2018, so the study checks them against the official code.

What does the San Antonio 7(a) lender roster mean for a sponsor?

That the study should be built for national SBA platforms, because they lead the city's ranking. Huntington National Bank placed first by dollars in calendar 2025 with $12.4 million on 31 loans, ahead of Live Oak Banking ($11.0 million, 9 loans) and Newtek Bank ($8.9 million, 23 loans), in a ranking site's tabulation of SBA data for the city 33; Houston's list, by contrast, is led by Texas regional banks. National lenders underwrite to standard credit boxes, so the lease-up and coverage belong in the form those boxes expect. The district total of $742 million for fiscal 2025, probably three quarters 34, spans 55 counties including Austin and Laredo 35 and is not a San Antonio number.

What should a San Antonio hotel study test after three straight quarters of falling RevPAR?

Who fills the rooms, and break-even against the drift. RevPAR fell 3.7%, 3.3% and 3.4% in the first three quarters of 2025 22, after a twelve months to January 2025 that a broker's summary of CoStar data put at 59.3% occupancy, an $89.48 rate and $53.06 RevPAR for economy to upper-midscale hotels, with 560 rooms under construction against roughly 23,000 open 21. Base visitors, medical travel, River Walk leisure and plant contractors behave differently, so the study names its segments. The only tax figure in hand, the Texas Municipal League's 2018 combined rate of 16.75% 32, is a prompt to confirm today's stack, not an input.

How long will a San Antonio lease-up take? We build that schedule first.

We build the ramp from the subject's own competitive set and the hiring that is actually on payroll, then size the loan to survive the lease-up. Tell us where the site is and what you plan to build.

Request a methodology briefing
Sources

Data sources and dates.

Every figure here comes with its publisher and date in the list below. A figure the research could not date is left out and listed as a lender check.

Market data reviewed by Mark Otava · Updated

  1. U.S. Census Bureau, Vintage 2025 population estimates for metro areas and counties (press release), March 26, 2026 (population as of July 1, 2025).
  2. U.S. Census Bureau, Vintage 2025 population estimates for cities and towns (press release), May 14, 2026 (population as of July 1, 2025).
  3. U.S. Bureau of Labor Statistics, Over-the-year change in nonfarm employment, large metropolitan areas, September 30, 2026 (August 2026 preliminary).
  4. greater:SATX, Major Employers, page undated; accessed October 2026.
  5. greater:SATX, Toyota doubles down on San Antonio with historic expansion, 2026.
  6. Office of the Texas Governor, Governor Abbott announces Toyota expansion in San Antonio, 2026.
  7. Capital Analytics Associates, Manufacturing expansion driving San Antonio's workforce, September 2026.
  8. citybiz (greater:SATX release), greater:SATX highlights San Antonio major 2024 milestones in transformative growth plan, 2024 (groundbreaking June 2024).
  9. Matthews, San Antonio, TX Medical Office Market Report, Q2 2026, Q2 2026.
  10. Healthcare Finance News, HCA acquires 40 Texas urgent care centers, August 4, 2026.
  11. Community Impact, Learn about 12 senior living communities in and around Boerne and Fair Oaks Ranch, December 10, 2025.
  12. Love's Travel Stops, News (2026 openings), April 16, 2026 opening.
  13. Cushman & Wakefield, Data Center Development Cost Guide 2025, pages 8 and 9, 2025.
  14. HBWeekly, Texas New Residential Construction Review, 2025, February 4, 2026.
  15. CultureMap (citing Construction Coverage and Census data), New-home construction ranking, January 6, 2026 (calendar 2024 permit data).
  16. RealPage, Metro Permits, June 2026, July 2026 (trailing 12 months to June 2026).
  17. Apartments.com (CoStar), Where is vacancy the highest? Top 12 markets, Q2 2026, May 12, 2026 (Q2 2026 estimate).
  18. CRE Daily (summarizing RealPage), US apartment market rebounds with strong Q2 occupancy gains, July 8, 2026.
  19. RealPage, Apartment Market Forecast, 2nd Quarter 2026, July 2026.
  20. CRE Daily (summarizing a Hudson Multifamily Group briefing), Texas multifamily supply dips as investors move ahead of rents, mid-2026.
  21. MG Hotel Team (broker, citing CoStar), Hospitality investing news, South Central Texas, March 2025, March 2025 (12 months to January 2025).
  22. Hotel Investment Today (citing CoStar), Why investors keep coming back to Texas, page undated; accessed October 2026 (Q1 to Q3 2025 data).
  23. Yardi Matrix, National RV and Boat Storage Report, Fall 2025, data as of October 9, 2025.
  24. Community Impact, New RV and boat storage facility opens in New Braunfels, April 1, 2024 (opened March 7, 2024).
  25. WhatNow San Antonio (citing a TDLR filing), BlueWave Express Car Wash plans new San Antonio location, 2026.
  26. City of San Antonio (eLaws code mirror), Unified Development Code Sec. 35-526, parking and loading standards, Tables 526-3a and 526-3b, code history through Ord. 2018-11-01-0858 (November 1, 2018).
  27. City of San Antonio Development Services, Information Bulletin 541, parking in infill development zones, accessed October 10, 2026.
  28. Texas Commission on Environmental Quality, RG-499, complying with the Edwards Aquifer rules, revised February 2024.
  29. Comal County, Steps to obtain an OSSF permit, accessed October 10, 2026.
  30. Comal County, Order #565 adopting updated Comal County Subdivision Regulations, effective June 11, 2026.
  31. Bandera County, Subdivision and Land Development Regulations, revised August 25, 2022 (file of January 11, 2024).
  32. Texas Municipal League and Texas Hotel & Lodging Association, What Cities Need to Know to Administer Municipal Hotel Occupancy Taxes (abridged version), revised 2018.
  33. GoSBA Loans (from SBA data), San Antonio SBA lenders ranking, page undated; accessed October 2026 (calendar 2025 data).
  34. El Paso Inc. (citing the SBA FY2025 Regional Report), El Paso receives lowest SBA loan allocation among six Texas districts, 2025 (fiscal 2025, likely through the third quarter).
  35. U.S. Small Business Administration, San Antonio District Office, accessed October 2026.
  36. Texans for Affordable Healthcare (advocacy group, citing the San Antonio Express-News), Texas patients shouldn't pay the price for freestanding ER price gouging, 2025 (city plan data for 2025).
  37. Dream Garage Condos (developer site), Dream Garage Condos, San Antonio, 2025 to 2026 marketing.
  38. Comal County Commissioners Court, Minutes, March 6, 2025, March 6, 2025.
  39. Houston Chronicle, Investigation of deaths at Kerr County campgrounds and RV parks in the July 2025 flood (descriptive title; the research does not record the headline), page undated; accessed October 2026 (flood of July 4, 2025).
  40. U.S. Small Business Administration, Office of Capital Access, 7(a) and 504 FOIA loan-level data, loan status as of June 30, 2026 (approval fiscal years 2016 to 2025); retrieved October 16, 2026.
  41. U.S. Census Bureau, American Community Survey 5-Year Estimates, Detailed Tables (Census Data API), 2020 to 2024 five-year estimates; retrieved October 16, 2026.
  42. U.S. Bureau of Economic Analysis, Personal Income by County, Metro, and Other Areas (Regional table CAINC1), calendar year 2024; retrieved October 16, 2026.
  43. U.S. Census Bureau, 2023 County Business Patterns (Census Data API), 2023 (employment for the pay period including March 12, 2023); retrieved October 16, 2026.