Houston's ascendance as a distribution hub has the industrial sector going gangbusters. With nearly a dozen big-box distributors looking for space and only one space over 500K SF available, the market is rushing to fill the gap. Stream has broken ground on Northwest Logistics Center. The 411K SF distribution center, on 26 acres off North Eldridge Parkway just south of Highway 290 and east of Beltway 8, is being built on spec.
"With a scarcity of bulk distribution space available for lease, we are experiencing an incredible amount of leasing interest and expect this to result in significant pre-leasing,” Stream Industrial Managing Director Matteson Hamilton said.
Stream’s most recent quarterly report indicates the Northwest industrial submarket has a 4.7% overall vacancy rate. Digging deeper, the large and extra-large building classifications — buildings designed to accommodate users above 50K SF — are below 2.6% vacancy levels.
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