Weitzman mid-year 2014: Houston retail adding 1.6M SFWeitzman mid-year 2014: Houston retail adding 1.6M SFhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31032014-09-11T09:43:00Z2014-09-11T00:00:00Z

HOUSTON - Across the area, some 1.6 million sf of new space will open this year, up from about 679,000 sf in new and expanded projects in 2013, according to the Weitzman Group and Cencor Realty Services.

The Weitzman Group and Cencor Realty Services annually review a Houston-area retail market inventory of 148,280,000 sf in multi-tenant retail centers with 25,000 sf or more.

The new projects scheduled are dominated by grocers, including Kroger, Whole Foods Market, Walmart Supercenter, H-E-B, Fiesta and Sprouts Farmers Market.

At mid-year, retail space across the Houston area was 96 percent occupied, the highest it has been in more than a decade.

Rental rates are up sharply for the best space. For small shop space in a well-located center anchored by a prominent tenant, rents are as high as $40 per sf per year.

The Weitzman and Cencor report lists the projects for 2014 and later. Projects listed with over 100,000 sf include:

•  Costco opened a 152,000-sf store at I-10 and Grand Pkwy. in the Katy area. In late 2014, Costco is also scheduled to open a 153,000-sf store at SH 242 and I-45 in The Woodlands.
•  A 150,000-sf center under construction at the intersection of I-10 and Yale near the Heights will include Sprouts Farmers Market, LA Fitness and Guitar Center.
•  Walmart Supercenter will open a 185,000-sf store near the intersection of I-45 and Wayside in the second half of 2014.
•  Nordstrom will open a two-level, 138,000-sf store at The Woodlands Mall.

Click here to view TEXAS SNAPSHOT: A Real Estate Review from Weitzman/Cencor.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2014/08/retail-projects-expand-with-space-scarce/Read more at {Source}

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