GCAD Market Trends for Commercial Property

The commercial property market in Galveston County continues to evolve, driven by economic growth and new developments. A Galveston CAD Property Search reveals how strategic investments in infrastructure and real estate expansion are reshaping the region, contributing to rising property values.

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Trends in New Construction Permits and Value in Galveston County

  • Multi-family housing projects account for a large share of new permits, reflecting rising demand for residential developments in key areas.
  • Retail and hospitality construction continue to grow, driven by tourism and economic expansion
  • The total value of new construction projects reached $1.2 billion in 2024, underscoring a robust real estate market. 

According to data from the Galveston County Appraisal District (GCAD), new construction trends indicate strong growth across residential and commercial sectors. 

Galveston CAD Property Search
Galveston CAD Property Search
Galveston CAD Property Search

Office Sector Trends in Galveston County

  • New office space deliveries totalled 215,000 sq. ft. in 2024, indicating ongoing commercial infrastructure investments.
  • Vacancy rates have decreased slightly to 15.8%, down from 16.3% the previous year.
  • Positive absorption rates highlight continued demand for office spaces, supporting stable rental markets.

The office property market in Galveston County is adapting to changing work patterns and economic conditions.

Galveston County Apartment Market Overview

The apartment market in GCAD remains strong, driven by rising demand for housing. Key data points include:

  • 1,950 new units delivered, up from 1,540 units the previous year
  • Positive absorption of 1,320 units, with occupancy rates steady at 92.4%.
  • Rental rates increased by 1.2%, reflecting strong demand for affordable housing options.
  • For landlords and investors, keeping track of Galveston County CAD assessments is essential for minimizing property tax liabilities.
Galveston CAD Property Search
Galveston CAD Property Search

Galveston County Retail Sector

Retail properties in Galveston County continue to show resilience, despite broader economic challenges. Insights from Galveston CAD include:

  • 280,000 sq. ft. of new retail space delivered, down from 340,000 sq. ft. in the previous year.
  • 210,000 sq. ft. of absorption, with vacancies holding steady at 6.7%.
  • Rental rates remained stable, indicating consistent demand across the county.
  • Retail property owners can benefit from property tax reduction strategies by challenging high valuations through a Galveston County Property Tax Protest.

Galveston County Warehouse Sector

The warehouse and industrial sector in GCAD continues to expand, supported by the region’s strategic location and proximity to major ports. The data highlights include:

  • 720,000 sq. ft. of new warehouse space delivered, with 60% pre-leased prior to completion.
  • 480,000 sq. ft. absorbed, while vacancy rates remained low at 5.4%.
  • Quoted lease rates increased by 8.7% year-over-year, reflecting strong demand in the logistics sector
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Galveston CAD Property Search