Oct 29, 2012
Houston retail overview 3Q 2012: Marcus & Millichap
HOUSTON - Over the 12-month period ending in June 2012, developers completed 751,000 sf of new retail space in the Houston metro — a sizable increase from the preceding period,...
HOUSTON – Over the 12-month period ending in June 2012, developers completed 751,000 sf of new retail space in the Houston metro — a sizable increase from the preceding period, when just over 300,000 sf came online.
Retail vacancy ended second quarter 2012 at 10.5 percent, equivalent to six months earlier but 40 basis points lower than the rate reported mid-2011.
Year over year, average asking rents increased 1.1 percent to $15.43 per sf. Effective rents rose at a similar pace to $13.18 per sf.
| Submarket | Vacancy Rate | Y-O-Y Basis Point Change | Effective Rents (psf) | Y-O-Y Change |
| Inner Loop West | 6.5% | 50 | $19.34 | 1.1% |
| I-10 West | 7.6% | 100 | $14.54 | 1.1% |
| Outer Loop West | 8.0% | 90 | $11.17 | 2.8% |
| Southwest | 8.4% | 10 | $16.19 | 0.2% |
| Southeast | 9.4% | -150 | $11.28 | -0.5% |
| I-10 East | 10.5% | -90 | $10.66 | 1.9% |
| I-10 Far West | 10.6% | -170 | $12.85 | 1.3% |
| Montgomery County | 10.6% | -170 | $14.47 | 2.0% |
| Fort Bend County | 10.7% | -90 | $11.85 | 1.0% |
| Northwest | 13.2% | -40 | $12.93 | 1.1% |
For more information, visit Marcus & Millichap Real Estate Investment Services.
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