As industrial vacancies continued to decrease in The Woodlands at the end of March, rental rates per square foot reached $12.67 per square foot. No new industrial space is under construction in The Woodlands area. Office space saw a slightly higher vacancy rate than it did one year ago, and four new buildings are under construction in the area. Office space was $24.83 per square foot as of March 31. Retail saw occupancy exceed 95% as of late March, and 166,771 square feet of new retail space was under construction.