Jul 28, 2016
Avison Young research and stats 2Q 2016 industrial report: Houston
HOUSTON - The industrial market, buoyed by Houston’s strong population growth and petrochemical boom, continues to weather through the energy downturn.The Houston industrial market recorded a negative net absorption of...
HOUSTON – The industrial market, buoyed by Houston’s strong population growth and petrochemical boom, continues to weather through the energy downturn.
The Houston industrial market recorded a negative net absorption of 159,238 sf in 2Q 2016.
Flat absorption and a wave of new construction deliveries caused vacancy to increase by 10 basis points from the previous quarter to 5.0 percent. Vacancy was 4.1 percent at this point last year.
Asking rates have remained relatively unchanged for the past nine months, averaging $6.49 per sf in 2Q 2016. Year-over-year, asking rates have increased by 4.0 percent.
The majority of construction starts in 2Q 2016 occurred in the Southeast submarket, where over 4.1 million sf is currently under construction with 55 percent preleased.
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