Houston, TX — Avison Young today released its industrial market report for the firm’s Houston office for the first quarter of 2020. The industrial sector remains the strongest asset class in Houston as an astounding 56 properties delivered for the first quarter of 2020 totaling 8.6 million square feet (msf), nearly doubling last quarter’s 4.5 msf.
“Fortunately, prior to the pandemic, Houston’s population growth, along with favorable market trends including the rise of e-commerce, helped the Bayou City become a major distribution center,” commented Drew Coupe, a Vice President in the firm’s Houston office. “The industrial market has been the leading commercial real estate asset class for some time and after this is over, will likely continue to lead all asset classes.”
The under-construction total dipped slightly to 18.9 msf in 96 buildings for the first quarter. Houston is considered one of the dominant markets in the U.S. for industrial supply and has recorded an average of 14 msf of construction for the last six years.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.