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Houston retail market remains robustHouston retail market remains robusthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=143622016-08-26T05:00:00Z2016-08-26T17:00:00Z

​HOUSTON ​​– The metro will lead the nation this year in retail completions as more than 3.2 million sf of retail space is delivered, according to the Third Quarter 2016 Retail Research Market Report from Marcus & Millichap. 

The report also noted:

  • Metro employment will rise 0.2 percent this year as 5,000 jobs are created. The majority of these positions will be in the education and health services industry, as well as the leisure and hospitality segment. Last year, employment grew 0.7 percent.​
  • Builders will deliver approximately 3.25 million sf of retail space in 2016, more than any other market in the country. This is down slightly from the 3.9 million sf that came online last year.​
  • M​​ore than 3.3 million sf of area retail space will be absorbed this year, pushing down the vacancy rate 10 basis points year over year to 5.4 percent. Last year, the rate declined 30 basis points.​
  • The average asking rent will rise 0.5 percent from the end of 2015 to $16.21 per sf. This follows a 3.9 percent rise in the average rent last year.

Marcus & Millichap Real Estate Investment Services
Houston-The Woodlands-Sugar Land
Retail
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