Brazos Valley Appraisal District Reports on Commercial Property Values

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Trends in New Construction Permits and Value

  • Multi-family and mixed-use developments accounted for nearly 42% of new construction permits in 2024, reflecting growing demand in College Station and Bryan.
  • Commercial permit value rose to $620 million, a 13% increase over the previous year according to the data.
  • While multi-family leads in project count, high-value single-use commercial projects like office parks and retail centers are driving most of the total construction value.

These developments, tracked by Brazos CAD, are reshaping the county’s commercial landscape and influencing future tax assessments.

Harris County Property Tax
Harris County Property Tax
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Adjustments in the Brazos Office Market

  • Deliveries reached 850,000 sq ft, up from 620,000 sq ft the previous year, according to the Brazos Valley Appraisal District.
  • At year-end, 430,000 sq ft remained under construction, compared to 1.2 million sq ft the prior year.
  • Office space absorption totaled 210,000 sq ft, and vacancy rates decreased to 18.2%, down from 20.5%.

These changes reflect ongoing adjustments in the commercial landscape, as tracked by Brazos County CAD valuation data.

Tracking the Apartment Market

  • Delivered approximately 1,800 new apartment units in 2024, up from 1,200 in the prior year, reflecting strong multifamily development.
  • Around 1,350 units were absorbed, though occupancy slid slightly to 92%, down from 93.5%.
  • Rental rates saw a modest increase of 4.5%, while median unit sales price rose to $175,000, up from $160,000 in the previous quarter.

These figures highlight a healthy apartment market in Brazos County, as tracked by the Brazos Valley Appraisal District, showing solid demand alongside stabilization in vacancy and pricing trends.

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Retail Sector Snapshot in Commercial Market

The retail market has shown signs of cautious growth according to Brazos Valley Appraisal District data:

  • 950,000 sq ft of retail space was delivered in 2024, slightly down from 1.1 million sq ft the previous year
  • Approximately 1.02 million sq ft was absorbed, with vacancy rates easing to 5.8%, down from 6.3%
  • Average retail rental rates remained steady at $28.50 per sq ft, consistent with the prior year

These metrics demonstrate a resilient retail market supported by steady demand and stable rental trends.