HOUSTON – The growing average asking rate of renting local retail space persists at a record high of $18.67 per sf on a triple net basis, up 7.3 percent from last year, according to NAI Partners.
Local retail occupancy is at 94.4 percent year to date through October, down ten basis points from this time last year.
The market has recorded 5.7 million sf of leasing activity, slightly outpacing the year-to-date activity from one year ago.
Net absorption stood at 4.3 million sf, with new supply delivering 4.4 million sf to the market this year, of which 72 percent is occupied.
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Source: NAI Partners
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