The commercial real estate market in The Woodlands remains stable, with vacancy rates for office and retail properties showing minimal change compared to last year. According to Caldwell Companies, retail occupancy has only decreased by 0.9%, while office vacancy rates have improved from 15.5% to 14.9%.
Construction activity is also on the rise in both sectors, with a total of 406,000 square feet of new retail projects underway – an increase of 30,000 square feet from last year’s figures. Office construction has seen even greater growth at a total of 555,000 square feet – almost double the amount from the previous year.
Despite this positive outlook for The Woodlands’ commercial real estate market, rental prices have only seen slight changes – increasing slightly for retail properties and decreasing slightly for offices at an average rate of $24 per square foot.
Overall,the current trends indicate strong performance in The Woodlands’ CRE sector without any negative impact from high vacancy rates or tension within the market.
