Office vacancies continued to rise in The Woodlands area in February, reaching 15.8% as of March 2 compared to 10.1% the previous year. Rental rates continued to hover just below $25 per square foot. However, industrial vacancies decreased from 10.5% last year to 8.1% as of early March, and rental rates in that sector increased since last fall.
There is slightly more office and retail space in The Woodlands area in the first quarter of 2021 than there was at the same time in 2020.
Commercial space was under development in all three sectors as of early March.