Avison Young releases Third Quarter 2019 Houston Industrial Market Report1 Oct 2019
Port Houston’s increased activity in conjunction with local employment growth continue positive economic trend
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Houston, TX — Avison Young, the world’s fastest-growing commercial real estate services firm, today released its industrial market report for the firm’s Houston office for the third quarter of 2019. The industrial sector remains the strongest asset class in Houston with 3 million square feet (msf) in completions for the third quarter, a slight dip from last quarter, but on par with first quarter.
“Although the warehouse development pipeline continues to be significant, the economic conditions in Houston are positive for the industrial market,” comments Avison Young Principal, Bob Berry. “The demand for plastics is growing despite recent negative news pertaining to “single use” plastics, e-commerce shows no signs of slowing down and logistic services companies are very active – all signs that key Houston submarkets will remain generally stable through 2019.”
The under-construction total leaped to 16.2 msf in the third quarter, up from 13 msf reported in the previous quarter. The volume of projects under construction is concentrated in the North, Northwest, Southeast and Southwest submarkets. The largest lease reported for the third quarter was Rooms To Go’s 373,860-sf renewal at Mason Ranch Building 1 at 2244 N. Mason Rd. in the Northwest. It’s the second largest lease for 2019.