More than a year into the COVID-19 pandemic, vacancy rates across are up all three major sectors of Cy-Fair’s commercial real estate landscape. (Courtesy Pexels)
More than a year into the COVID-19 pandemic, vacancy rates across all three major sectors of Cy-Fair’s commercial real estate landscape—office, retail and industrial—were higher in April than during the same time one year ago.
Occupancy rates in the retail market continue to be the highest of the three at 93.3%, and office occupancy rates are at 78.5% as of April 21, according to Caldwell Companies data.
Growth of the industrial market continues with nearly 1.5 million square feet under construction across 11 buildings. Another six retail buildings and three office buildings are under construction, amounting to 96,000 and 208,000 square feet of new space, respectively.
When it comes to rental rates, industrial saw a slight uptick over the previous quarter, while office and retail each saw a slight drop in prices.
Danica joined Community Impact Newspaper as a reporter in 2016. As editor, she continues to cover local government, education, health care, real estate, development, business and transportation in Cy-Fair. Her experience prior to CI includes studying at the Washington Journalism Center and interning at a startup incubator in D.C., serving as editor-in-chief of Union University's student magazine and online newspaper, reporting for The Jackson Sun and freelancing for other publications in Arkansas and Tennessee.