CBRE flash: Houston retail center market hits record highCBRE flash: Houston retail center market hits record highhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=16762015-02-20T12:34:00Z2015-02-20T08:00:00Z

HOUSTON - Houston’s retail center market occupancy is at its highest point ever and it’s filling up fast, according to a CBRE Texas Marketflash report.

Occupancy hit 93.4 percent at the end of the year and many prime retail centers in Houston are running 100 percent occupancy.

Leasing is strong and a considerable amount of shopping center space was filled last year. Some 2.1 million sf of retail space was absorbed in 2014, the highest since 2003, CBRE reported.

With 2015 population growth projected at 125,000, positive job growth and healthy single-family construction, the Houston shopping center market will remain tight this year, CBRE said.

“Frankly, I think we have a shortage of retail space,” said Eric Lestin, senior vice president of retail properties at CBRE Houston.

Houston has some 2.7 million sf of retail space under construction, but that is not a large number considering the Houston market has 212 million sf of space, said Lestin, a 30-year veteran in the industry.

Lestin said he considers the Houston market to be “almost fully leased” currently.

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