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Houston Industrial Market Report | Q4 2024
Rezul News/10696496
HOUSTON - Rezul -- "Wrapping up 2024, the industrial market in Houston continued to post strong demand with over 19 million square feet of positive absorption recorded for the year.
Industrial users remained optimistic, but a noticeable slowdown occurred in new construction in 2024 after a record setting pace in previous years. This slowdown in new supply has allowed vacancy to decline, further tightening the Houston industrial market."
Danny Rice | President
Key Takeaways
Net absorption slowed to 3.2M SF in the fourth quarter, a significant drop from third quarter's 7.9M SF. Despite this, the second half of the year kept pace with the first, bringing the annual total to 19.1M SF, just shy of last year's 20.6M SF. New supply also tapered off, with only 2.5M SF delivered in the fourth quarter. Overall 2024 deliveries are 19.3M SF, a sharp 53.5% decline from 2023, reflecting the ongoing construction slowdown and reduced leasing activity. Current construction volume at 13.4M SF is down 28.6% from 18.8M SF last year and represents just 37.2% of 2022's record-setting levels. Key deals during the fourth quarter included ELogistics, who signed for 302,825 SF in Constellation Post Oak in the Southwest, and Cosco Shipping with 256,960 SF in Port 99 Logistics in the Southeast. Several large vacancies counted at yearend, with Conn's 656,658 SF at 1401 Rankin reversing positive gains. The overall vacancy rate edged down 10 basis points to 6.7% from the prior quarter and from the same time last year. Average rents rose marginally to $9.67 PSF, up from $9.60 last quarter, marking a 2.1% year-over-year growth. Sublease availability increased by 11.4% from the previous quarter but remains 19.4% lower than the same time last year.
More on Rezul News
Industrial users remained optimistic, but a noticeable slowdown occurred in new construction in 2024 after a record setting pace in previous years. This slowdown in new supply has allowed vacancy to decline, further tightening the Houston industrial market."
Danny Rice | President
Key Takeaways
- Vacancy improves marginally
- Absorption slows during fourth quarter, annual gains healthy
- Construction drops, deliveries follow decrease
- Market normalizing after recent record-breaking years
Net absorption slowed to 3.2M SF in the fourth quarter, a significant drop from third quarter's 7.9M SF. Despite this, the second half of the year kept pace with the first, bringing the annual total to 19.1M SF, just shy of last year's 20.6M SF. New supply also tapered off, with only 2.5M SF delivered in the fourth quarter. Overall 2024 deliveries are 19.3M SF, a sharp 53.5% decline from 2023, reflecting the ongoing construction slowdown and reduced leasing activity. Current construction volume at 13.4M SF is down 28.6% from 18.8M SF last year and represents just 37.2% of 2022's record-setting levels. Key deals during the fourth quarter included ELogistics, who signed for 302,825 SF in Constellation Post Oak in the Southwest, and Cosco Shipping with 256,960 SF in Port 99 Logistics in the Southeast. Several large vacancies counted at yearend, with Conn's 656,658 SF at 1401 Rankin reversing positive gains. The overall vacancy rate edged down 10 basis points to 6.7% from the prior quarter and from the same time last year. Average rents rose marginally to $9.67 PSF, up from $9.60 last quarter, marking a 2.1% year-over-year growth. Sublease availability increased by 11.4% from the previous quarter but remains 19.4% lower than the same time last year.
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Source: Colliers Houston
Filed Under: Real Estate
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