Q3 2016 E. Fort Bend Commercial Real Estate Trends
E. Fort Bend Commercial Real Estate Trends
The Fort Bend office submarket posted 72,721 SF of negative net absorption in Q3 2016. The average vacancy rate increased 120 basis points (bps) from 8.9% to 10.1% between quarters, and increased 130 bps from 8.8% in Q3 2015. The average quoted rental rate decreased 2.2% between quarters from $26.15 to $25.57 per SF, and dropped 1.8% from an average rate of $26.05 per SF in Q3 2015. Current office development includes about 90,000 square feet in the Imperial Market mixed-use development. The office space is expected to be completed by October 2017.
Medical Office Market
The average quoted rental rate remained flat over the quarter and marginally decreased 0.3% from $25.75 per SF in Q3 2015 to $25.68 per SF. The vacancy rate decreased 40 basis from 14.7% to 14.3% over the quarter and increased 200 basis points from 12.3% in Q3 2015. Currently, there are four medical office buildings under construction in the E Fort Bend/Sugar Land submarket. The two largest properties include a 38,600-SF, two-story building located at 7619 Branford Place which is 0% pre-leased and is expected to deliver in June 2017. The other is the 25,000-SF Easton Professional Bulding located at 6514 Highway 90A which is 52.1% pre-leased and is expected to deliver during Q4 2016.
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