Houston retail market remains robust

​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.​