Retail Space for Lease: Historic Lows on the Back of Strong Economy
February 13, 14
With the job and population growth in Houston currently considered exceptional and not likely to slow down for a while, the vacancy rate for retail space for lease is currently being pushed to historic lows, according to a recent article from the Houston Business Journal. Colliers International Houston states that retailers looking for potential expansion targets have their eye on the city's strong demographics and projected growth.
Vacancy rates on Houston retail spaces have gone down each year since 2008, and were at 7 percent for the fourth quarter of 2013. In the final quarter of 2012, they stood at 7.3 percent, the article reported. Average retail rental rates increased 2.7 percent from the fourth quarter of 2012 to the fourth quarter of 2013 and are currently at $14.73. Houston's retail market had a total of 3 million square feet of positive net absorption in 2013.
According to the article, 947,000 square feet of new retail space is slated for construction in Houston, including a new Whole Foods Market and a Top Golf USA store. Luxury retail is expected to trend in Houston and in suburbs such as Woodlands and Katy, the article noted.
In times such as these, it's not a matter of merely finding a tenant for your retail space. It's also a matter of finding the right tenant. LandPark Commercial will conduct an extensive market analysis to determine what type of tenant would be best suited for your space and will conduct an aggressive marketing campaign to find the best tenant in the least amount of time possible. Whether you have a mixed use center, strip center, office retail or grocery anchored retail building for lease, rely on LandPark Commercial for your leasing needs. For more information, a contact us.