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Houston retail 4Q 2013 review CBREHouston retail 4Q 2013 review CBREhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=51562014-01-27T16:05:00Z2014-01-27T16:00:00Z

HOUSTON - The Houston retail market experienced a strong year in 2013. There were several predominant trends that carried the market and will continue into 2014.

A major trend in 2013 was a boom in grocery development, particularly among specialty grocers. This year, 30 new grocery locations opened in Houston whereas only eight new stores opened in 2012. The specialty grocery segment sprung to life with the entrance of three new players to the Houston market; Aldi, Fresh Market and Sprouts. The three grocers opened a total of 23 stores this year.

Another trend was increased development of upscale, urban, mixed-use centers that include retail, office and residential components. Multiple projects of this type popped up in Houston’s Inner Loop. The most significant is the River Oaks District, a 15-acre development by Oliver McMillan near the Galleria.

Strong retailer demand and limited new supply should keep occupancy levels high in 2014, which would keep rental rates at or above current levels. Net absorption was at its highest level since the recession, totaling over 2 million sf in 2013. Demand for retail space is increasing as both value retailers and luxury retailers alike have announced more new store openings.

Houston Retail Market Statistics 4Q 2013
Market No. of
Centers
Net Rentable
Area (SF)
Total
Vacant
Avg. Asking
Rate
($/SF/Year)
2013 Total Net
Absorption (SF)
Far North 417 30,137,456 8.5% $25.25 249,193
Far Northwest 427 27,007,753 7.0% $25.25 245,378
Far Southwest 337 21,786,410 7.4% $25.25 174,496
Far Southeast 281 20,662,636 7.3% $20.25 179,833
Far West 257 16,976,058 7.1% $30.50 395,165
Northeast 232 15,339,844 11.0% $15.00 81,473
Inner Loop 259 15,084,918 5.9% $35.50 72,274
Total** 3,186 209,527,469 7.4% $21.87 2,038,283

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

For the complete page from CBRE, see Houston Market Data Sources Retail MarketView Preview.

CBRE
Houston-The Woodlands-Sugar Land
Retail
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