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Colliers: Fort Bend Office Market Softens

SUGAR LAND, Texas – The Fort Bend office submarket of the southwest side of Houston has experienced rising vacancy rates and declining rental rates, according to 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 mixed-use redevelopment of the old Imperial Sugar property, Colliers reports. That office space is expected to be completed by October 2017.

Nov. 22, 2016 Realty News Report Copyright 2016

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