Hurricane recovery boosts retail spending, investment in Houston

​​​​​​HOUSTON – Economic growth is returning to the metro as it recovers from Hurricane Harvey’s damage and the oil price decline, according to a​ Marcus & Millichap retail forecast.

An estimated 2.9 million sf of retail space is expected to come online in 2018, down from the 5.6 million sf delivered last year. 

Retail vacancy is predicted to rise for the second year in a row, growing 20 basis points to 6 percent as two million sf is absorbed. ​​

The average asking rent is expected to grow 1.5 percent to $17.12 per sf, increasing for the second consecutive year. ​

Marcus & Millichap expects employers will create 75,000 positions this year, up 2.5 percent from the 45,000 jobs in 2017.