HOUSTON – The retail sector remains healthy as it settles into a new normal following the frenetic pace of the last three years, according to the new third quarter 2017 JLL report.
Leasing activity fell to 1.5 million sf in 3Q 2017 as retailers hit pause on growth plans to evaluate next steps in the ecommerce revolution.
Total vacancy rose for the third consecutive quarter, reaching 5.6 percent.
New retail product has delivered to the market at a rate over 2.5 times that of move-ins in 2017 as supply begins to rebalance after years of high demand.
Net absorption was just 192,911 sf in third quarter, 84.5 percent below historical levels in a quiet quarter for occupancy gains.
Click to view JLL's Houston Retail Insight and Stats 3Q 2017 report.
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