The Fort Bend office submarket posted 57,403 SF of positive net absorption in Q3 2020, up from the 129,161 SF of negative net absorption recorded in Q2. The average vacancy rate decreased marginally to 13.5% from 13.6% over the quarter. The average quoted rental rate dropped from $30.39 to $28.44 per SF, and leasing activity decreased over the quarter by 42%. One building totaling 56,000 SF delivered during the quarter - an expansion for the Houston Community College System located on W Airport Blvd. There are no office buildings currently under construction in the submarket.

Medical Office Market

The average quoted rental rate increased over the quarter from $27.74 to $28.33 per SF. The average vacancy rate rose 50 bps from 15.3% in Q2 2020 to 15.8% in Q3 2020. Leasing activity decreased by 80%. One 12,000-SF building was completed and added to inventory during Q3 2020. Currently, there are no medical office buildings over 10,000 SF under construction in the submarket.

Industrial Market

Although the submarket recorded 120,460 SF of positive net absorption during Q3 2020, vacancy increased due to... Click here to read the full report.