Houston Retail Market Report | Quarter 3 2023

By: Colliers | Houston
 
HOUSTON - Nov. 10, 2023 - PRLog -- "Although vacancy and absorption has remained relatively stable over the past few quarters, leasing activity during Q3 jumped more than 15% from the previous quarter as retailers continue to secure their positions in the Houston market.

As the global economy faces economic challenges, Houston's resiliency, especially in the retail sector, has allowed retailers to grow in a market bolstered by strong population growth, competitive cost of living and wide-ranging diversity. The recent leasing activity provides a positive outlook as we wrap up 2023 and head into 2024."

Danny Rice | President

Key Takeaways
  • Vacancy plateaus at 6.5%
  • Absorption negative but positive year-to-date
  • Leasing activity increases QoQ and YoY
  • Rental rates continue to rise
Houston's vacancy rate stabilized at 6.5% during third quarter, representing a decrease of 10 basis points from a year ago.New supply outpaced demand as 138,219 square feet of additional retail space was delivered while net absorption totaled a negative 38,914 square feet, representing the first negative absorption in 2.5 years. Year-to-date absorption is 732,548 square feet. Leasing activity of 1.2 million square feet jumped 15.5% from the prior quarter and 4.7% year-over-year. The construction pipeline remains limited with 1.2 million square feet currently underway. Rental rates reported marginal increases from both the previous quarter and year-over-year.

See the full report here: https://www.colliers.com/en/research/houston/q3-2023-hous...

Contact
Crystal Kingsbury
***@colliers.com
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Source:Colliers | Houston
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Tags:Commercialrealestate
Industry:Real Estate
Location:Houston - Texas - United States
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