The largest rise in vacancy was seen in the industrial sector, which fell from 88.3% occupied in June 2019 to 86.4% occupied as of June 30 this year.
The drop in industrial occupancy can be attributed in part due to construction wrapping up on nearly 3 million square feet of new space over the past year. By comparison, about 200,000 square feet of office space and 500,000 square feet of retail space were added to the Cy-Fair market this past year.
Retail rental rates per square foot rose over the past year, while office rental rates were flat. Industrial rental rates jumped year over year, which can be attributed in part to new, higher-priced projects being added to the market.
The number of land sales between July 2019 and June 2020 was down in Cy-Fair compared to the previous year.
A total of 12 retail buildings are currently under construction in Cy-Fair, as are six industrial projects and two office projects. However, in terms of overall square footage, the industrial projects have the largest footprint, totaling more than 1 million square feet.