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Houston Retail occupancy rises year-over-year.
OCCUPANCY RATE AT 93.9%
Occupancy in the Houston retail market is at 93.9%, up from this time last year at 93.6%. The net amount of square feet absorbed (move-ins minus move-outs) is positive 2.5 million sq. ft. thus far in 2021—up 56% year-over-year from positive 1.6 million sq. ft. The occupancy rate of the 124 buildings totaling 1.8 million sq. ft. delivered to the market so far in 2021 stands at 68.4%. Of the 105 properties comprising 2.3 million sq. ft. under construction, the availability rate stands at 37%. Year-to-date through July, the Houston retail market has recorded 4.0 million sq. ft. of leasing activity—which is comprised of both new leases and renewals—equal to this time last year.
Significant Houston retail lease transactions in 2021 include 100,000 sq. ft. leased by H-E-B at Highway 288 and State Highway 6 in the Far South submarket; AXXA Auto leasing 77,967 sq. ft. at 7200 Gulf Freeway in the Southeast submarket; Planet Fitness inking a deal for 30,359 sq. ft. in Deerbrook Crossing in the Lake Houston submarket; and a 30,240-sq.-ft. transaction by Crunch Fitness in First Colony Commons in the Stafford submarket.
HOUSTON RETAIL AND ROOFTOPS
Houston real estate buyers held steady in June as they continued to take advantage of historically low interest rates while purchasing homes from a limited supply. Despite strong buying activity, the velocity was slightly slower in the year-over-year comparison. According to the Houston Association of Realtors, single-family homes sales were up 13.6% compared to last June, with 10,638 units sold versus 9,362 a year earlier. That becomes the market’s thirteenth consecutive positive month of sales. On a year-to-date basis, home sales remain 25.9% ahead of 2020’s record pace.
Director of Research
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