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Houston Industrial Market Report | Q2 2023

eTradeWire News/10738347
HOUSTON - eTradeWire -- "Despite a second-quarter slowdown, the industrial market in the Greater Houston MSA remains active and healthy, with 3.9 million square feet of net absorption and a construction pipeline of more than 29.5 million square feet.

Vacancy rates are gradually increasing due to the large amount of new supply, but the market should remain steady and strong barring any major economic downturn."

Danny Rice | President

Key Takeaways
  • Construction volume drops after record highs
  • Deliveries up, increasing vacancy
  • Leasing activity declines
  • Rental rates increasing

Houston Highlights

The industrial market's activity level slowed during the second quarter with new supply outpacing net absorption. At midyear, almost twice as much new product has been delivered than absorbed. Developers have decreased the construction level to 29.5 million square feet after record-level previous quarters. Positive net absorption this quarter was 3.9 million square feet, a 9.3% decrease from the previous quarter, while deliveries increased to 9.5 million square feet with less than half preleased. The 5.0 million square feet of new vacant product entering the market helped to lift the vacancy rate to 6.2%. Leasing activity totaled 7.5 million square feet, down from 10.5 million square feet the previous quarter.

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See the full report here: https://www.colliers.com/en/research/houston/q2-2023-houston-industrial

Crystal Kingsbury

Source: Colliers | Houston
Filed Under: Real Estate

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