CBRE: Houston retail 3Q 2014 reviewCBRE: Houston retail 3Q 2014 reviewhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=28152014-10-10T14:50:00Z2014-10-10T06:40:00Z

HOUSTON -  The Houston retail market was characterized by increasingly tight vacancy rates despite an influx of completed retail projects in third quarter 2014, according to the report released by CBRE.

Available retail space is becoming increasingly difficult to find as the local economy continues to perform well and businesses expand. The average vacancy rate across the metro dropped to 6.4 percent in 3Q — the largest quarter-over-quarter decline in vacancy in over two years for Houston.

Occupancy rates are well above 90 percent in centers located within key trade areas in Cypress, The Woodlands, Galleria and Sugar Land. Available big box spaces in prime centers are few and far in between.

Grocery-anchored centers continued to account for a large portion of new retail construction projects. Over 700,000 sf of grocery-anchored retail space delivered in 3Q and 12 grocery stores remain under construction with many more in the pipeline.

Mixed-use developments are becoming more prevalent as demand for a live-work-play lifestyle grows.

Houston Retail Market Statistics 3Q 2014*
Market No. of
Net Rentable
Area (SF)
Avg. Asking
3Q Total Net
Absorption (SF)
YTD Total Net
Absorption (SF)
Far North 426 30,233,393 2,050,656 $26.00 50,396 448,699
Far Northwest 440 26,808,101 1,833,326 $25.25 -766 314,457
Far Southwest 340 22,224,294 1,495,101 $25.50 110,632 202,911
Far Southeast 295 20,745,330 1,303,434 $20.50 12,749 86,853
Far West 267 17,408,422 1,284,737 $30.50 1,733 126,694
Northeast 236 15,303,211 1,362,152 $15.00 117,271 234,288
Total** 3,264 209,787,905 13,880,947 $22.06 369,169 1,792,703

*Ranked by net rentable area.
**Totals are based on all submarkets. Only top six are shown above.

To see more retail stats, check out Houston-Sugar Land-Baytown Market Data Sources.

Houston-The Woodlands-Sugar Land
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