Colliers: Fort Bend Office Market Softens, Market briefs

In Sugar Land, Texas, The Fort Bend office submarket of the southwest side of Houston has experienced rising vacancy rates and declining rental rates, as stated by Colliers International.

Fort Bend County’s average office vacancy rate in the third quarter was 10.1 percent, up from 8.8 percent in the third square of 2015.

The Houston office market has been soft in 2016 as energy companies have reduced their office space requirements and laid off employees. Fort Bend posted 72,721 SF of negative net absorption in the third quarter of 2016, Colliers reported

The average quoted rental rate decreased to $25.57 per SF, a 1.8 percent decline from $26.05 per SF in the third quarter of 2015.

Current office development includes 90,000 SF in the Imperial Market multi-use redevelopment of the old Imperial Sugar property, Colliers reports. That office space is slated to be completed by October 2017.