HOUSTON – Local retail rents are on the rise as occupancy stands at 94.1 percent.
According to a CBRE market report, there is over 3.7 million sf of retail space under construction as developers rush to keep up with demand.
In second quarter 2018, just over 482,400 sf of new retail space came online. There was a net absorption of negative 39,748 sf.
For the 12 months ending in April, the metro was fourth in employment growth, says the report. The area was behind Dallas-Fort Worth, New York, and Los Angeles.
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