8.9 Million SF of Houston Industrial Space in the Works

HOUSTON (RealtyNewsReport.com) – Eighty-five industrial buildings totaling 8.9 million sf are under construction here, reports CBRE.

The northwest submarket has the largest concentration of development with 28 projects totaling 3.4 million sf. The city’s north submarket has 36 projects totaling 2.3 million sf, while the southeast has eight projects totaling 1.8 million sf.

Two of the largest projects under construction are Fallbrook Pines Business Park, by Trammell Crow Co. and Clarion Partners, and Cresa’s Lower Kirby District.

According to CBRE data, the city had a 4.9 percent industrial vacancy rate in first quarter 2015, the lowest vacancy rate in more than a decade.

Some 12 million sf of industrial space was completed last year, marking the highest annual total since 2008, the firm reported.