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Follow on Google News | ![]() Houston Industrial Market Report | Q2 2024By: Colliers Houston The forecast for the remainder of the year is optimistic as potential rate cuts spur renewed activity around investments and construction." Danny Rice | President Key Takeaways
The Houston industrial market recorded decreased construction levels and increased leasing activity during the second quarter, suggesting a potential return to a more normal market. New supply of 7.3 M SF outpaced the current net absorption of 3.2 M SF, which is 4.7% higher than the same time frame last year. Leasing activity surged 25.7% to 10.8 M SF from 8.6 M SF in the previous quarter, marking a 12.4% increase year over year. Integra Mission Critical signed for the largest deal, a 1.2 M-SF sublease from Wayfair, who never occupied its new building in Prologis' Presidents Park. The overall vacancy rate rose by 40 basis points to 7.7% from the prior quarter, while deliveries came on line 36.4% leased. The construction pipeline at 48.0% preleased shrank to 12.1 M SF from 33.7 M SF year over year, which is also a 22.6% decrease from the previous quarter. Rents increased to $9.58 PSF NNN from $9.43 PSF NNN last quarter, representing a 4.8% growth rate year over year. Read the full report: colliers.com/ End
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