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Citywide vacancy is at 5.2% in a tight market, with rates at or below 6.0% since year-end 2013.

Net absorption for the overall retail market is at 1 million sq. ft. year-to-date. For full-year 2016, total net absorption was 6.4 million sq. ft., above the annual 10-year average of 5.6 million sq. ft.

The Houston retail market has not ended a full year with overall negative absorption since 2006.

The construction pipeline is at 2.5 million sq. ft. with 90% scheduled to deliver in 2017. More than 60% is pre-leased, with Paragon Outlets—set to occupy 300,000 sq. ft. at Interstate 59 and Reading Road in Rosenberg—among the notable upcoming centers.

The Market at Springwoods Village in Spring is due to deliver in August 2017 with only 10 spaces, or 23,254 sq. ft. available out of 168,000 sq. ft. of total gross leasable area. The location boasts of the “ExxonMobil Effect” and the new corporate campuses—including Southwestern Energy—that are driving thousands of new residents to North Houston.

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