|CBRE: 2016 Houston retail outlook—balanced, stable and comfy||CBRE: 2016 Houston retail outlook—balanced, stable and comfy||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11969||2016-02-09T06:00:00Z||2016-02-09T19:45:00Z|
HOUSTON - The retail market is comfortable going into 2016 as it is insulated from some of the contraction within the energy industry.
Steady demand is a result of the strongest population growth in the nation even during previous recessionary periods. According to Moody’s Analytics, the Houston metro area population is forecast to reach 10.9 million by 2045. All of which point to a strong and growing consumer base.
The strong demand from new consumers and expanding residential development will continue to drive retail employment growth as well.
The Greater Houston Partnership forecasts retail will help bolster employment growth in 2016 adding 4,000 jobs. While the total employment forecast calls for 21,900 jobs to be added with the largest growth sectors being health care, construction and government.
Evolving retail space will dominate the Houston retail market over the next two years. Developers, spurred by population growth and plateauing dirt prices, ramped up construction this year.
Deliveries added almost 3 million sf of retail space in 2015 which is almost two thirds more than completions in 2014 and future growth is anticipated.
While volatile oil prices hit the office market hard in 2015, resulting in an excess of sublease space, the retail market is the most secure sector in Houston.
|CBRE||Houston-The Woodlands-Sugar Land||Retail|| https://assets.recenter.tamu.edu/documents/mktresearch/Houston_CBRE_Retail_MarketView.pdf|
See Houston's Retail Market Research for more retail reports.