The vacancy rate for industrial and retail properties was up from the fourth quarter of 2019 as of mid-October, while office vacancy had decreased slightly from the fourth quarter of 2019. As of Oct. 16 data, the total square feet of retail space was approaching 8 million square feet in Tomball and Magnolia. With three buildings totaling 50,000 square feet currently under construction, the area is poised to see more retail space. Additionally, 275,750 square feet of industrial space and 85,896 square feet of office space are under construction in Tomball and Magnolia. Further, rental rates per square foot increased slightly for office properties from the third quarter of 2020.



Industrial properties also saw the rental rate per square foot increase as of Oct. 16.



However, the retail rental rate per square foot decreased slightly by about 20 cents from the third quarter.