Regional Summaries

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Houston, TX

At 6.5%, the first quarter 2017 vacancy rate for the Houston apartment market was up 20 basis points for the period. Rents, pressured by growing new supply in the face of diminishing demand, have weakened. And growth, though positive, was weak during the first quarter of 2017. At $991 and $927 per month, respective averages for the quarter were up just 0.5% and 0.4% following increases of 2.0% and 1.8% through all of 2016. VIEW APARTMENT LISTINGS >
Reis put first quarter vacancy for Houston’s 222.1-million-square-foot warehouse/distribution space segment at 9.0%, unchanged for the period in the wake of a 30-basis-points increase in 2016 (and a 20-basis-points rise the year before). Rent growth in the warehouse/distribution sector slowed in 2015 but held steady in 2016 and could increase slightly this year. At $5.15 psf and $4.86 psf, mean asking and effective rates for the first quarter were up 0.4% after gains of 2.2% and 2.3% last year. Vacancy in metro Houston’s 33.4-million-square-foot Flex/R&D market as of the first quarter, also low by national norms, ended the quarter at 8.2%, down 10 basis points for the period after an increase by 30 the year before. Similar trends are indicated for the Flex/R&D market. At $7.41 psf and $6.70 psf, respective averages for the first quarter for this property segment represented increases of 0.5% and 0.6% for the period after gains of 1.8% and 2.0% through 2016. VIEW INDUSTRIAL LISTINGS >
Houston’s general purpose, multi-tenant office market vacancy rate added 120 basis points in 2015 and added fully 220 in 2016—and 40 points more were added during the first quarter of 2017 to close the period at 18.2%, the highest rate on Reis’s books for this market since 2003. At $28.28 psf and $23.70 psf, the asking and effective average rates for the first quarter of 2017 were up 0.4% and 0.3% for the period following increases of just 0.9% and 1.1% through 2016 and increases of 2.3% each the year before. VIEW OFFICE LISTINGS >
Houston’s community-neighborhood shopping center market vacancy rate remained flat in the first quarter of 2017. Vacancy per quarter-end was 10.9%, same as a quarter earlier and same as year-end 2015. Rent growth in the community-neighborhood shopping center market remained strong in 2016 but is expected to slow overall this year. The first quarter of 2017, however, was strong. At $18.39 psf and $15.88 psf, respective asking and effective averages for the period were up 0.8% apiece since the end of the year following increases at about 3.0% apiece in both 2016 and 2015. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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