Continued High Demand Anticipated for Office and Retail Space for Lease
January 31, 14
According to a recent blog posting from the Houston Chronicle, while 2014 may not see quite as much activity in the commercial real estate market as the nearly record-setting 2013, there will still be a high demand for office and retail space for lease in the Houston area.
Brokers say that office space demand hasn't been as high as it has been in the past year since 2006. An additional 4.9 million square feet of office space was occupied by companies in 2013, and there is another 14 million square feet of office space under construction, the post stated.
Houston's retail market also continues to show strength, with vacancies down from 8 percent in 2012 to 7.4 percent in the fourth quarter of 2013. The city has about 2 million square feet of new retail space under construction, but about half of that is for grocery stores. 2014 is already showing an increase in new pizza restaurants who are planning to expand their business to Houston, according to the Chronicle blog post, with at least a half dozen pizza establishments announcing their intention to locate themselves here.
The post also reports continued demand for industrial space, as the city currently has only a 5 percent industrial vacancy rate and only 8 million square feet of industrial space -- a relatively small amount -- under construction.
LandPark Commercial understands the importance not only of finding a tenant for your office or retail space, but also of finding the right tenant. Our experience in the Houston commercial real estate market, our vast network and our personalized marketing strategy will help you to maximize the potential of your property in this high-demand time. For more information, contact us.