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GlobeSt.com EXCLUSIVE: Market Posts 872,255-SF Gain

HOUSTON-The region's positive absorption and more goods rolling into warehouses for distribution are solid signs that the blackest days are over. The far northwest submarket accounted for 764,000 sf of the good news, according to Grubb & Ellis' Q3 numbers.

By Jennifer Brenner Andrade | Updated on October 15, 2003

HOUSTON-The Greater Houston region’s industrial market recorded 872,255 sf of positive absorption during the third quarter, according to Grubb & Ellis Co.’s newly released report. Of that amount, the far northwest submarket was the winner, posting 764,000 sf for the quarter or its strongest reading in more than a year.

The far northwest, home to 68 million sf of the region’s 362.4 million sf, racked up the win with leases to Igloo Products Corp., 187,000 sf; Southern Worldwide Logistics, 256,435 sf; and Inventec USA Corp., 75,000 sf. The end result is the submarket, which has a 10.8% vacancy in its 68-million-sf inventory, is ahead of the game with a 411,965-sf absorption for the year.

Robert Kramp, regional client services manager for Grubb & Ellis, tells GlobeSt.com that warehouse/distribution absorption for the quarter and year to date are strong indicators that an economic recovery is at hand. At the Q3 close, the product type logged 1.3 million sf of positive absorption and 2.5 million sf year to date. Research has shown that more goods are rolling into the region for distribution, the first sign of improvement for the economy as a whole, he says.

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