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Industrial, Retail Space Scarce in Sugar Land
It was reported, a few weeks ago, that Sugar Land, TX was running out of land for housing. Now, figures released from Sugar Land’s Office of Economic Development demonstrate that the same is becoming true for industrial and retail space, which are almost completely occupied.
The average rent for retail space in the area is $24 per square foot. The average nationally is $18.43 per square foot. The vacancy rate for retail space is 3.2%. Meanwhile, vacancy for industrial space is 2.6%. Though the office vacancy rate is considered “high” at 8.7%, it’s well below the national level of 12.9%.
“The need to build capacity is important,” Robert Lung, assistant director of economic development, said at a recent SLDC board of directors’ meeting. “It’s a good and a bad thing to be highly occupied.”
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