HOUSTON – Rebounding employment and healthy demographics encouraged local retail growth in first quarter 2018, according to a Marcus & Millichap report.
Residents affected by Hurricane Harvey are still repairing their homes and replacing household goods. This helped boost spending in the metro at its fastest pace since 2014. A stronger rate of growth is expected again this year.
Marcus & Millichap expects the metro to see 4.4 million sf of retail space come online in 2018.
Retail vacancy is predicted to rise 20 basis points to 5.9 percent. Average asking rates are expected to advance at a healthy 3.3 percent.
In first quarter 2018, the area saw a 2.1 percent increase in total employment year over year.
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