Q1 2019 | Houston Industrial | Research & Forecast Report

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Houston's industrial market continues to expand adding 3.4M SF of new inventory in Q1 2019 with an additional 16.2M SF under construction

HOUSTON - April 17, 2019 - Rezul -- Houston's industrial market continues to expand, adding 3.4M SF in new inventory in the first quarter. There are 110 buildings with 16.2M SF of space under construction and scheduled to deliver in 2019 and early 2020. Some of the tenants that have or will be occupying the new inventory include Grocers Supply, Coca-Cola, Conn's HomePlus, PBP | Plastic Bagging & Packaging and American Furniture Warehouse. Not all of the new construction is pre-leased which will increase the vacancy rate if not committed before delivery. The first quarter of 2019 saw an increase in vacancy, but Houston's industrial market is healthy and the average vacancy rate only increased 30 basis points over the quarter from 5.6% to 5.9%.

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Houston's net absorption decreased by almost 1M SF over the quarter from 2.3M SF to 1.4M SF of positive net absorption. A vast majority of the leasing activity can be attributed to an expanding need for manufactured and consumer goods distribution in the growing Houston metro area.

Houston's job growth increased by 2.4% over the year, according to recent data released by the U.S. Bureau of Labor Statistics. The Houston MSA created 72,600 jobs (not seasonally adjusted) between February 2018 and February 2019, growing faster than the... To read the full report click here: https://s3.us-east-2.amazonaws.com/colliershouston/2019+Market+Reports/2019-Q1-Industrial-Houston-Report-Colliers.pdf

Lisa Bridges

Source: Colliers International | Houston
Filed Under: Real Estate

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