Colliers 2Q 2015: limited space in Houston retailColliers 2Q 2015: limited space in Houston retailhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=1652015-08-12T11:14:00Z2015-08-12T00:00:00Z

HOUSTON - The second quarter 2015 Colliers International report shows leasing in the city’s retail market declined in 2Q due to limited available space.

“The retail vacancy rate has dropped to 5.8 percent city-wide, which is the lowest vacancy rate over the last ten years,” Lisa Bridges, director of market research at Colliers, told GlobeSt.com. “The majority of the new development is located in the suburban submarkets and is mostly grocery-anchored centers.”

During 2Q, the report states, 933,719 sf of Houston’s retail inventory was absorbed, slightly more than the 837,255 sf from the previous quarter.

Retail leasing activity decreased, reaching 1 million sf, a decrease of 30 percent from the 1.3 million sf leased in 1Q.

In addition, over 1.1 million sf of new inventory delivered during 2Q and 87.1 percent of the new product is pre-leased. Houston’s retail construction pipeline totals 1.9 million sf and 78 percent is pre-leased.

Houston’s average retail vacancy rate decreased slightly from 6 percent to 5.8 percent between quarters, and decreased from 6.2 percent over the past year.

Houston Retail Market Summary
Category Rentable
Area (SF)
2Q 2015
Strip centers
34,398,258 8.4% 126,004
Neighborhood center
(one anchor)
69,348,861 9.5% 251,261
Community centers
(two anchors)
44,503,623 5.6% 75,125
Power centers
(3 or more anchors)
25,736,000 3.7% 36,766
Lifestyle centers 4,419,210 4.8% 2,550
Outlet centers 1,899,333 13.9% 11,780
Theme/entertainment 533,474 3.3% 6,316
Single-tenant 72,817,078 1.9% 423,781
Malls 23,247,353 5.3% 136
Greater Houston total 276,903,190 5.8% 933,719

Source: Colliers

See Colliers International Houston Retail 2Q 2015 report.

Do you need other sources for Houston retail? Save time! Go to Houston Market Research and look under the Retail category.

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