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.