Vacancy rates for both office and retail are nearly unchanged from a year ago in The Woodlands, a sign that the tension from high rates has not had a negative impact on the regions commercial real estate. The Caldwell Companies reports retail occupancy was barely down, from 96.3% to 95.4% since the end of last year. Office vacancy rates have improved from the previous year to date, 15.5% to 14.9%.
Retail projects under construction amount to 406,000 square feet, 30,000 square feet more than this time last year. Office construction is way up (555,000 square feet), nearly 100,000 square feet more this year than last year. And rent has gone up slightly in retail, and down slightly for office, both around $24 a square foot.