Houston Retail MarketView Q3 2017
- Prior to Harvey, Houston’s Class A retail market was 97.2% occupied. Since the storm, Class A occupancy has increased to 97.6%—approximately 35 basis points.
- Almost all of the 311,552 sq. ft. of new absorption was taken up by newly delivered centers, including the Grand Parkway Marketplace located in the Far North submarket.
- Year-to-date over 2 million sq. ft. was absorbed in new development—counterbalancing national closures and bankruptcies.
- Although more speculative strip centers are underway, projects delivered in Q3 2017 were 89% leased. Of the 1.5 million sq. ft. currently under construction, 71% is pre-leased.