Cy-Fair’s industrial market continues to boom with nearly 1.5 million square feet under construction across 11 buildings as of mid-April, according to data provided by Caldwell Cos.
The vacancy rate for the industrial sector dropped from 14.4% to 7% in the past year, while retail vacancies remain about the same at just over 5%. The office sector is fairly stagnant as well, with about 20% vacancy locally.
Overall, rental rates have declined by an average of $0.33 per square foot in the past year. However, industrial rental rates have increased by nearly 16% in that time.