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Regional Summaries

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Houston, TX

Apartment
The fourth quarter 2017 vacancy rate in the Houston-area apartment market was 6.5%, down 50 basis points from the 7.0% recorded a quarter earlier (and down 60 since the end of August). At $1,039 and $971 per month, asking and effective averages for the fourth quarter were up 5.3% and 5.1% for the year. Growth rates for the second half of the year alone were 3.5% for both rates. Included were the fourth quarterÂ’s respective gains of 1.5% and 1.6%. VIEW APARTMENT LISTINGS >
Industrial
HoustonÂ’s warehouse/distribution market, tied to the large local economy and rates of population growth at about twice the nationÂ’s, is very large. Reis counts total existing inventory at 223.5 million square feet. After rising by only 40 basis points over the two-year 2015-2016 span, the vacancy rate shed 100 points during 2017 to close at 7.8%. The decline for the fourth quarter alone was 50 basis points. While fluctuating somewhat, rates of rent growth in the warehouse/distribution sector have been strong since 2013. At $5.41 psf and $5.12 psf, mean asking and effective rates for the fourth quarter of 2017 were up 3.0% and 3.4% for the year after gains of 3.6% apiece in 2016. Gains for the latest quarter alone were 0.7% and 1.0%. The rate vacancy in the local Flex/R&D market, however, has been running the other way. That rate closed the year at 8.4%, up 20 basis points year-over-year following an increase by 20 points in 2016. Similar trends, if at slightly lower growth rates, are indicated for the Flex/R&D market. At $7.59 psf and $6.87 psf, respective averages for the quarter for this property segment represented increases of 2.3% and 2.5% for the year after gains of 2.2% and 2.3% through 2016. Gains for the fourth quarter of 2017 alone were 0.4% for both averages. VIEW INDUSTRIAL LISTINGS >
Office
The Houston general purpose, multi-tenant office market vacancy rate in the fourth quarter of 2017 was 20.8%, down 10 basis points for the period and up 40 for the year. Following increases of 5.1% each in 2014, gains in the asking and effective averages in 2015 fell below 2.5%. They dropped again in 2016—to about 1.0%. In 2017, they slipped to 0.6% each. Included were losses of 0.1%, to $28.29 psf and $23.71 psf, respectively, during the final quarter. VIEW OFFICE LISTINGS >
Retail
Houston’s community-neighborhood shopping center space fourth quarter 2017 vacancy rate was 11.2%, up 20 basis points both for the period and for the year—following a meager 10-basis-points increase in 2016. No change in vacancy was reported through the end of January 2018. Rent growth in the community-neighborhood center market, strong in 2015 and 2016, slowed in 2017. At $18.65 psf and $16.11 psf, asking and effective averages for the fourth quarter of 2017 represented gains of 2.1% and 2.3% for the year following the previous year’s increases of 3.1% each (after similar gains in 2015). Gains for the fourth quarter of 2017 alone were 0.5% for both rates. Through January 2018, rates increased an additional 0.1% each. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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