Industrial real estate vacancy rates are slightly up year over year in Cy-Fair, while office and retail real estate vacancy rates have remained steady, according to data provided by Caldwell Cos.When it comes to rental rates in the commercial real estate sector, Cy-Fair has seen a slight decrease in rates from the office and retail sides of the market and an increase in industrial rental rates so far this quarter compared to the fourth quarter of 2022.

Construction in each of these three areas has slowed both in the number of buildings and total square footage, Caldwell Cos. reports. As of Nov. 15, about 1.5 million square feet of commercial real estate space was under construction in Cy-Fair.