Q2 2016 Fort Bend Submarket Snapshot
E. Fort Bend Commercial Real Estate Trends
The Fort Bend office submarket posted 25,848 SF of negative net absorption in Q2 2016, bringing the mid-year net absorption total to positive 45,536 SF. The average vacancy rate increased 40 basis points (bps) from 7.6% to 8.0% between quarters, and decreased 150 bps from 9.5% in Q2 2015. The average quoted rental rate decreased 1.0% between quarters from $26.41 to $26.15 per SF, and rose 3.6% from an average rate of $25.25 per SF in Q2 2015. The Offices at Telfair opened during the second quarter and currently has 15,000 SF available for lease.
Medical Office Market
The average quoted rental rate remained at $26.33 per SF over the quarter and increased 4.3% from $25.24 per SF in Q2 2015. The vacancy rate increased 50 basis from 12.2% to 12.7% over the quarter and increased 10 basis points from 12.6% in Q2 2015. Easton Professional, a 25,000-SF medical office building, delivered during the second quarter. The Exchange at Telfair opened during the second quarter and has 40,000 SF available for lease.
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