Cy-Fair’s industrial rental rates have increased by more than 50% in the past three years as demand for that space grows. Retail has remained fairly steady with about a $22-per-square-foot rental rate and 190,031 square feet of new space under construction locally, according to data provided by Caldwell Cos.
Meanwhile, the market’s office space vacancy rate remains at nearly 18% with three new buildings under construction as demand dwindles.
Caldwell Cos. also reports nearly 2 million square feet of office space has been added to the Cy-Fair area in the past year, in addition to 1.3 million square feet of retail space and 3.4 million square feet of industrial space.