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Houston Industrial Market Report | Q2 2024
EntSun News/11031480
HOUSTON - EntSun -- "A strong second quarter has enhanced the year's solid start for the Houston industrial market. Tenant demand remains elevated, supported by the benefits of the region's population growth and low cost of living.
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.
More on EntSun News
Read the full report: colliers.com/en/research/houston/q2-2024-houston-industrial
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
- Construction level continues to fall
- Leasing activity and deliveries increase
- Absorption dips during second quarter
- Rental rates up 4.8% year over year
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.
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Read the full report: colliers.com/en/research/houston/q2-2024-houston-industrial
Source: Colliers Houston
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