CBRE: Houston North by NW industrial leases high in 2Q 2015
HOUSTON – Building on a record year, during the first five months of 2015, the Port of Houston Authority handled more than 16 million tons of cargo, an increase of 9 percent, compared to the same period last year.
Even though leasing activity has taken a breather, second quarter 2015 posted positive net absorption of 1.1 million sf, and the market has seen 17 consecutive quarters of positive net absorption.
Construction remains on the fast track with 72 buildings underway, totaling 10.3 million sf in the greater Houston industrial market.
| Market | Rentable Area (SF) | Vacancy Rate | 2Q 2015 NetAbsorption (SF) | Under Construction (SF) | Avg. Asking Rate ($/SF/Yr) |
| Northwest | 138,146,402 | 4.7% | 144,708 | 6,294,869 | 0.79 |
| North | 80,459,789 | 8.1% | 386,551 | 1,860,611 | 0.72 |
| Southeast | 77,490,632 | 3.6% | 123,970 | 947,827 | 0.71 |
| Southwest | 62,541,580 | 4.7% | 427,222 | 1,129,046 | 0.79 |
| CBD | 53,117,266 | 4.9% | -33,860 | 22,800 | 0.55 |
| Totals** | 487,063,332 | 4.8% | 1,149,402 | 10,325,153 | 0.69 |
*Ranked by market rentable area.
**Totals are based on all submarkets. Only top five of the seven submarkets are shown.
Full report? CBRE’s Houston Industrial MarketView 2Q 2015 (PDF)
Also see Houston Market Research and Houston NewsTalk.
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