Figures
Houston Industrial Figures - Q3 2024
October 3, 2024 5 Minute Read
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- The Houston industrial market posted another consecutive quarter of strong net absorption driven by steady tenant demand. Absorption reached nearly 6.2 million sq. ft. for the quarter, bringing the year-to-date total to 16.3 million sq. ft., a 4% increase over last year.
- The development pipeline tightened slightly with 11.1 million sq. ft. underway while 3.3 million sq. ft. of new product came online. The pipeline continues to contract due to capital conditions, which may portend a more competitive landscape for industrial space on the horizon if the inventory of new product diminishes.
- In what is very good news for the local and national economy, the Longshoremen strike at the Port of Houston and other Gulf and East Coast Ports ended as quickly as it started. The Maritima Alliance and the ILA Union came to terms within 72 hours of the strike activation. Despite the brief interruption, the Port of Houston should see another record-breaking year as it recorded a 20% YoY increase in twenty-foot equivalent units (TEUs), reaching 367,653 TEU’s.