Q3 2019 | Fort Bend | Submarket Snapshot
E Fort Bend Commercial Real Estate Trends | Q3 2019 Fort Bend Submarket Snapshot
The Fort Bend office submarket posted 19,517 SF of positive net absorption in Q3 2019. The average vacancy rate remained steady at 12.1%. The average quoted rental rate increased from $28.15 to $28.25 per SF. Leasing activity decreased over the quarter by 47%. One 27,000-SF office building is currently under construction on University Blvd. The property known as The Marcel District is scheduled to deliver in December 2019.
Medical Office Market
The average quoted rental rate increased slightly over the quarter from $28.08 to $28.16 per SF. The average vacancy rate rose 70 bps from 13.2% in Q2 2019 to 13.9% in Q3 2019. Leasing activity declined by 10% over the quarter. Three buildings totaling 136,190 SF are currently under construction. The largest of the three is an 87,500-SF, 100% pre-leased medical office condo located at 800 Bonaventure Way.
Although the submarket recorded 241,800 SF of positive net absorption during Q3 2019, vacancy still increased due to the completion of four new buildings that were added to inventory. The addition of... To read the full report, click here: https://www2.colliers.com/
Lisa Bridges | Director of Market Research