|Oil not the only story in Houston: retail and rooftops 2016||Oil not the only story in Houston: retail and rooftops 2016||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=12501||2016-03-22T05:00:00Z|
HOUSTON - Houston’s retail market is poised for a strong growth year despite the crude oil glut and its profound impact on the office sector.
Driven by rapid five-year population gains and an expanding consumer base, Houston’s retail sector lags the city’s other commercial sectors and is currently in the midst of new development and robust leasing cycles.
Suburban development, particularly surrounding the newly opened 180-mile-long Grand Parkway circumnavigating the entire metro area, will kick-start Houston’s next large-scale series of retail expansion.
In the last six years only 10 million sf of new retail product has hit the market—during record population and job gains—nearly all of that new retail space was quickly absorbed, resulting in a record high retail occupancy rate of 93.9 percent by year-end 2015.
As a result, Houston’s retail sector—18-months into the crude glut—is weathering the oil and natural gas price downturn due to the combination of population gains boosting the growing local consumer base and disciplined retail development over the past ten years.
|CBRE||Houston-The Woodlands-Sugar Land||Retail|| http://www.cbre.us/research/Pages/default.aspx|
Click to see CBRE's What's ahead for Houston: 2016 Forecast (PDF).