Commercial real estate trends in The Woodlands area as of early May showed a continued demand for industrial space and a consistent demand for retail leases compared to the same time last year, according to information gathered May 3 by Caldwell Cos.

The trends are consistent with statistics reported in April across the the retail and industrial sectors as well as in office leasing.

Nearly half the amount of retail space was under construction in May compared to the second quarter of 2023, and less office space was also under construction than the previous year. Slightly more industrial space was under construction in early May, but only one building was being built.

Rental rates dropped for office space since the second quarter of 2021 but increased by about $3 per square foot for industrial and retail space.