Nov 9, 2015
Colliers 3Q 2015: Slim pickins in Houston’s retail inventory
HOUSTON - During third quarter 2015, 570,600 sf of Houston’s retail inventory was absorbed, about half of the 1,171,800 sf absorbed in the previous quarter, according to Colliers International Q3 2015 retail highlights.Retail...
HOUSTON - During third quarter 2015, 570,600 sf of Houston’s retail inventory was absorbed, about half of the 1,171,800 sf absorbed in the previous quarter, according to Colliers International Q3 2015 retail highlights.
Retail leasing activity decreased 41.9 percent between quarters, recording only 611,500 sf in Q3 2015.
When compared to the 1,490,500 sf recorded 12 months ago in Q3 2014, leasing activity decreased 59.0 percent.
The decline in leasing activity is mostly due to a lack of available space as Houston’s retail inventory is 94.0 percent occupied.
Fortunately, there is currently 2.6 million sf of retail space under construction, but only 25.0 percent is available as 75.0 percent is pre-leased.
Close to 400,000 sf of new inventory delivered during 3Q and 83.0 percent of the new product is pre-leased.
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