Updated October 2026. This is a plain-language look at Comal County real estate as of September 2026, written for local owners, business owners, tenants and small investors. It rests on current commercial figures, not home-sale prices.
The quick answers
- Is the commercial market in Comal County still tight? Retail and office are, as of September 2026. Retail space was about 2.4 percent empty and office about 3.9 percent empty. Industrial space and apartments are not tight.
- What changed since mid-2025? Apartment vacancy fell from about 23 percent to about 16 percent, and industrial vacancy slipped from about 12.5 percent to 12 percent. Neither is back to a balanced market. Apartment rents fell over the year.
- Is the county still growing? Yes. The Census Bureau estimates Comal County added about 7,700 people from July 2024 to July 2025, reaching about 209,000. That is about 3.8 percent in one year.
- Is borrowing easier? Not really. The 10-year Treasury yield was 5.24 percent on October 9, 2026, and bank prime was 7.00 percent.
- Is it a good time to buy a building instead of renting one? We cannot say that for you. Your rent, your loan quote and your cash all matter. The buy-or-lease section lists what to compare.
- What is being built? About 233,000 square feet of office and about 773,100 square feet of industrial space were under construction, with about 69,400 square feet of retail and about 300 apartment units.
What changed in this update
This update rests on commercial figures through September 30, 2026. It does not include home-sale prices or days on market, because we have no current, checked figures for them. If you are buying or selling a house, ask a residential agent for recent sold prices on your street.
What it means for you. Read the numbers below as a September 2026 snapshot of commercial space. They do not tell you what your own property is worth. A recent sale or lease nearby, or a formal appraisal, does that.
The forces behind the market
People keep arriving, a little more slowly
The Census Bureau’s March 2026 release puts Comal County at about 209,000 people in July 2025, up about 7,700 from a year earlier. That is about 3.8 percent growth. The San Antonio to New Braunfels metro area grew about 1.4 percent over the same year, and Texas as a whole grew about 1.2 percent. Comal is growing at nearly three times the metro pace.
Net migration into Texas has slowed from its recent peak, yet Comal County is still adding residents faster than Texas as a whole.
More people means more customers for shops, more workers who want an office close to home, and more renters. It does not mean every building fills. That depends on how much space gets built.
Jobs are soft, not strong
We have jobs figures for the metro area, not the county. For August 2026, the San Antonio to New Braunfels metro area had an unemployment rate of 4.5 percent, and total jobs were up about 0.5 percent from a year earlier. The Austin metro area was at 3.9 percent unemployment, with jobs up about 1.2 percent. These are preliminary figures.
Many residents work outside the county, so county growth and metro hiring do not always move together.
Money is expensive
Here is where borrowing stands now, from government sources:
- On September 16, 2026, the Federal Reserve raised its target for the overnight bank rate by a quarter point, to 3.75 to 4.00 percent.
- The 10-year Treasury yield was 5.24 percent on October 9, 2026. Many long-term loan rates are priced off it.
- Bank prime, a benchmark for some business loans, was 7.00 percent.
- A small business lender posted a rate of about 7 percent, as of October 8, 2026, for the SBA portion of an SBA 504 loan package (a government-backed loan for owner-occupied buildings) with 20 and 25 year terms. That is not the blended cost of the whole loan.
We could not verify a typical rate for a plain bank loan on a small commercial building, so we are not quoting one. Your rate will depend on the loan size, how much cash you put in, and the building’s income.
What it means for you. Borrowing cost is one big reason a buy-instead-of-rent decision looks different today than when rates were low. Get a written quote from a lender before you decide anything.
Property tax is a real cost of owning
Comal County’s own 2026 rate is $0.273000 per $100 of taxable value, plus $0.032015 for lateral roads, for a combined $0.305015. That is only the county part. Cities and school districts add their own. In Comal’s 2026 schedule, New Braunfels city is $0.415613, Bulverde is $0.295343, Spring Branch is $0.072625, Comal ISD is $1.074800 and New Braunfels ISD is $1.037700. Not every property pays every one of those.
Texas also limits how fast the appraised value of qualifying non-homestead property can rise, to 20 percent a year plus new improvements. Under current law that limit stops operating in 2027 unless the legislature changes it. If your appraised value sits below market value, check your 2026 notice and plan for your 2027 notice.
What it means for you. Before you buy or lease, ask which taxing units charge the property and what the last bill was. In a triple net lease, where the tenant pays the taxes, insurance and upkeep, that bill lands on the tenant. Ask your CPA how it affects you.
Roads: one project is nearly done, the rest are not
The state’s project page for US 281 at State Highway 46 in Bulverde describes the contractor doing final paving and roadside work, with completion estimated for winter 2026. Separately, the state has a plan in design and environmental review to turn about 6.7 miles of US 281 into a freeway, from the Bexar County line to SH 46. A public hearing is set for November 10, 2026. We found no construction funding for it.
For which projects are being built and which are only plans, see our Highway 281 article. For what road work does to nearby property, see our article on road construction and property value.
Commercial space in Comal County, type by type
All figures in this section are brokerage market data for Comal County as of September 30, 2026. Vacancy is the share of space that is empty. Rents are asking rents, not what tenants actually sign.
Retail: tight
About 2.4 percent of retail space was empty, down from about 2.6 percent a year earlier. The asking rent was about $2.11 per square foot per month, up about 4.6 percent over 12 months. The San Antonio metro area, for comparison, had about 4.0 percent vacancy and a rent of about $2.02. About 294,700 square feet opened in the last year, and about 69,400 was under construction.
A baseline outlook, which is one forecast and not a prediction, has retail vacancy staying near 2 percent through 2027. Very low vacancy helps landlords and makes it harder for a new shop to find a spot. See the Comal County retail report.
What it means for you. If you want to open a store, expect a short list of spaces and start looking early. If you own retail space, tight supply helps, but it does not promise a tenant.
Office: tight, with more on the way
About 3.9 percent of office space was empty, down from about 4.7 percent a year earlier. The asking rent was about $2.95 per square foot per month. The metro area had about 10.1 percent vacancy. Nothing opened in the last 12 months, but about 233,000 square feet was under construction.
A baseline outlook has county office vacancy rising to about 5.8 percent by the end of 2026 as new space comes online. Our Comal County office report has the detail.
What it means for you. A tenant looking for a small suite has few choices today, and more may appear. A landlord should not assume today’s near-full buildings stay that way once new space opens.
Industrial: more space than tenants
About 12.0 percent of industrial space was empty, a little better than about 12.5 percent a year earlier. The metro area was at about 10.7 percent. The asking rent was about $0.91 per square foot per month, up about 2.4 percent over the year. About 629,600 square feet opened in the last 12 months, and about 773,100 was under construction.
The extra space is still here. A baseline outlook has vacancy near 11.7 percent at the end of 2026 and about 9.5 percent in early 2031. That is a forecast, not a promise. See the Comal County industrial report.
What it means for you. Tenants have room to negotiate on rent and terms. Owners should plan to compete for tenants, not wait for them.
Apartments: still loose, but improving
About 16.0 percent of apartment units were empty, down from about 23.1 percent a year earlier. The asking rent was about $1,392 per unit per month, down about 3.6 percent over 12 months. The county has about 14,100 units, about 850 more than a year ago. The metro area had about 14.9 percent vacancy and a rent of about $1,245.
A baseline outlook has vacancy near 15.3 percent at the end of 2026. Only about 300 units were under construction, so new supply is slowing. Our Comal County multifamily report has the detail.
What it means for you. Renters have more choices and some room to negotiate. Landlords, including those with a few rental units, should price against what is actually renting nearby, not last year’s asking rent.
Buy or lease: what to compare
We cannot say buying beats leasing for you. We can list what to compare.
- Rent against ownership cost. Add the loan payment, property tax, insurance and upkeep. Compare that with your rent and your share of the same costs under a triple net lease.
- The loan. With prime at 7.00 percent and the 10-year Treasury above 5 percent, a loan costs more than it did a few years ago. Ask a lender for the real figure.
- Your space needs. With retail and office this tight in Comal County, a space you cannot find again has value to you. With industrial this loose, a tenant has choices.
- The tax bill. Ask what the last bill was and how many taxing units charge the property.
- Your cash. Owning ties up money a growing business may need elsewhere.
For a longer walk through the steps, see From Tenant to Owner. Ask your CPA, lawyer and lender before you decide.
What it means for you. The right answer depends on your business, your cash and your loan quote, not on the county’s mood.
Water and local differences
Where the property sits matters. Canyon Lake was 97.7 percent full on October 11, 2026, according to the Texas Water Development Board. The lake level is a separate question from water supply, and utility service varies by area. See New Braunfels, Canyon Lake and our Hill Country water guide.
Common questions
Is Comal County’s commercial market still hot?
We avoid that word. Retail and office space were tight as of September 2026, while industrial space and apartments had more empty space than a balanced market would.
Are home prices up or down?
We do not have current, checked home-sale figures for the county, so we do not give one. Ask a residential agent for recent sold prices near you.
Will apartment rents go up next year?
A baseline outlook has the average rent dipping slightly to about $1,387 by the end of 2026 and rising slowly after that. It is a forecast, and forecasts miss.
Is a new building going up near me?
Check the county’s permit records and ask the city. Our figures show how much space is under construction countywide, not where.
Should I buy my building now?
We cannot tell you that without your numbers. Compare ownership cost with rent and get a written loan quote.
The bottom line
Comal County is still growing, but the story of one market racing ahead has changed. As of September 2026, retail and office space is scarce, industrial space is plentiful, and apartments are less full than they were a year ago.
Money is expensive, taxes matter, and the road work is only partly finished. A decision about a building should rest on those facts and on your own numbers.
At Blue Collar Commercial Group, we help owners, tenants and small investors in Comal County read the numbers and ask the right questions before they sign. Contact our team to talk it through.
First published June 2025. Rewritten October 2026. Market figures are brokerage market data for Comal County through September 30, 2026. Population, jobs, rates, taxes, road and lake figures come from the Census Bureau, the Bureau of Labor Statistics, the Federal Reserve, the Treasury, Comal County, the Texas Department of Transportation and the Texas Water Development Board. This article is general information. It is not investment, legal, tax or financial advice.
