Figures
Houston Retail Market Figures Q2 2024
September 13, 2024 8 Minute Read
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- In light of reporting a notable slowdown in retail deliveries and new construction in Q2 2024, the Houston retail market welcomed the existing space that came online this quarter as a result of store closures
- Turnover of big box space including 18 Houston area 99 Cents storefronts presented new opportunity for retail landlords to capture higher rents amid limited availability and rising demand
- Across approximately 894,000 sq. ft. of positive net absorption posted this quarter, Street and Freestanding retail types (Figure 3) led with the majority of new retail occupancy
- Retail investment sales activity was significantly down in Q2 2024, recording a 74.0% drop in total volume quarter-over-quarter
- Limited first-generation space options in combination with big box availabilities hitting the market in Q2 2024 resulted in a decrease to weighted average asking rates for a second consecutive quarter