Houston retail strong prior to coronavirus
HOUSTON – The local retail market was relatively strong during first quarter 2020 with 843,709 sf of positive absorption and roughly one million sf of retail product delivered.
According to CBRE, the Far North and West submarkets were the most active in 1Q2020, accounting for 70 percent of total absorption. However, a majority of this activity occurred in January and February before stay-at-home orders were in place.
Consequently, a lot of uncertainty remains on how the virus will affect both small businesses and national retailers. Most small businesses have seen revenue decline anywhere from 15 to 80 percent, while large national retailers are furloughing a majority of their employees.
CBRE analysts say the unique nature of this downturn should result in an unusually swift recovery that could begin as early as third quarter 2020.
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Source: CBRE
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