Q12 202 | Houston Retail | Research & Forecast Report

HOUSTON - July 23, 2021 - PRLog -- "Resilient and creative retailers, reasonable landlords
and consumers with a great deal of liquidity have
combined to launch retail into a strong recovery mode."
Anjee Solanki | National Director, Retail | U.S.

Key Takeaways

• Vacancy remains low and rental rates increased
• Houston's retail sector posts negative absorption due to lack of
  leases in 2020
• Developers continue seeking new and innovative opportunities
• Houston's positive job growth and low unemployment rate
  boosts economy

Houston Highlights

Houston's vacancy rate increased marginally from 5.9% to 6.0% over the quarter as 263,800 SF of new product delivered. Construction activity remained steady between quarters and retail foot traffic picked up as COVID restrictions in the state of Texas eased. According to Emsi, a labor market data company, Houston's MSA population grew by 500,885 over the last five years, now at 7,172,693, and is projected to grow by 544,540 over the next five years. Total regional employment grew by 74,098 over the last five years, now at 3,350,731, and is projected to grow by 166,496 over the next five years. The top three industries in 2020 were restaurants and other eating places, education and hospitals, and general medical and surgical hospitals.

Executive Summary

Commentary By Wade H. Greene IV, CCIM | Principal

The Houston retail market remained strong as restaurants and retailers conducted their first full quarter of business without a mask mandate. Like the rest of the country, Houston's retail sector was impacted by the COVID-19 pandemic. However, the Bayou City has seen a... To read the full report, click here: https://www.colliers.com/en/research/houston/q2-2021-hous...