According to recent data from a national commercial real estate firm Houston leads the nation for retail construction so far this year. Development projects are expected to add nearly 3.3 million square feet of retail space in the Houston area.
In 2015 Houston added 3.9 million square feet of retail space. With population growth, and job growth in the local market consumers need places to shop. Houston is projected to add approximately 17,000 jobs this year according to the same report. While retail vacancy is expected to remain stable at 5.5% in Houston this year.
Most major new retail developments are happening towards the north of Houston: Humble, Kingwood, Spring, and The Woodlands. However as suburban growth continues we expect retail development to continue at this pace to meet population growth and demand in those areas.
MIKE WONG 713.935.5800 KW COMMERCIAL
KELLER WILLIAMS REALTY SOUTHWEST
COMMERCIAL | RESIDENTIAL | LEASING | INVESTMENTS | DEVELOPMENT | INTERNATIONAL
Comments (0)Subscribe to CommentsComment