As the coronavirus pandemic carries on in the Greater Houston area, the industrial sector in Cy-Fair has seen rental rates stay strong after rising in the second quarter of the year. Meanwhile, rental rates in the retail sector have begun to turn around after dropping in the second quarter, according to data provided by Caldwell Cos. to Community Impact Newspaper.
Vacancy rates are up year-over-year across industrial, office and retail sectors in Cy-Fair. The industrial sector has seen the largest change, rising to 14.8% vacancy as of early September, up from 11.5% in the third quarter of 2019.
The drop in industrial occupancy can be attributed in part due to construction wrapping up on close to 4 million square feet of new space over the past year. By comparison, about 1 million square feet of office space and 2 million square feet of retail space were added to the Cy-Fair market this past year.
Shawn is an editor for Houston's Inner Loop editions, including in the Heights-River Oaks-Montrose and Bellaire-Meyerland-West University communities. He has been with Community Impact for more than 11 years, previously serving as editor for the company's Cy-Fair edition. His past work has covered a variety of topics, including the 2018 Harris County flood-control bond referendum, the lack of affordable housing in Houston and the city's efforts to diversify its transportation options.
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