Houston Retail Sector Achieves Strong Absorption

HOUSTON-During the first half of this year, 478,093 square feet of retail was absorbed, according to mid-year data provided by CBRE. This represents a significant improvement compared to 2010 when mid-year absorption posted at negative 858,369 square feet.

During the second quarter alone, the market recorded 388,507 square feet of absorption, according to CBRE. The marketwide vacancy rate was relatively unchanged at 8.1% at mid-year. The lowest vacancy rates were found in the Near West submarket (2.6%), which includes prime retail locations such as the Galleria, Uptown Park, Memorial and City Centre.