During the first half of 2017, 3.0M SF of Houston’s industrial inventory was absorbed, almost all of which occurred during the first quarter. Second quarter absorption was close to zero, posting only -13,100 SF.
The average vacancy rate increased 20 basis points over the quarter from 5.3% in to 5.5%. A little over 1.5M SF of new product delivered during the second quarter, bringing the mid-year new inventory total to over 5M SF. There is currently 4.2M SF under construction and 77.2% is pre-leased. Most of the leased space under construction is in build-to-suit projects for companies such as Amazon, FedEx, Katoen Natie, Ravago and Vinmar International.
Q2 2017 HIGHLIGHTS
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