90% Of Houston Retail Construction To Deliver In 2017
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Houston's retail sector remains tight with citywide vacancy at 5.2%. The construction pipeline will keep the market steady. Ninety percent of the 2.5M SF in the pipeline is scheduled to complete by the end of the year, with 60% of the space already pre-leased, according to new data from NAI Partners.
Houston's retail sector has defied expectations. In an environment of low oil prices and faltering national retailers, Houston retail has stayed hot. Online real estate marketplace Ten-X recently named it as the third-strongest in the nation, behind Miami and Fort Lauderdale. Houston's population growth and its bustling retail sector have been a boon for the metro. The oil bust dampened Houston's job market, but the area has continued to add retail jobs. Employment in the sector grew 5.1% last year, far outpacing overall growth.