HOUSTON--The Houston retail market ended the first quarter with a vacancy rate of 11.3 percent, down from the previous quarter's rate of 11.6 percent and decreased from the rate one year ago (11.8 percent), according to a report from Savills Studley.

Neighborhood shopping centers reported a vacancy rate of 13.5 percent for the quarter, which decreased from the rate of 14.1 percent 12 months ago. Community shopping centers reported a vacancy rate of 8.5 percent for the quarter, which decreased from the rate of 9.1 percent 12 months ago.

Rental rates for the Houston retail market ended the quarter averaging $17.14 per square foot NNN, which increased from the previous quarter's rate of $17.01 per square foot NNN and increased from last year's rate of $16.65 per square foot NNN. Rental rates for neighborhood shopping centers ($15.64 per square foot NNN) posted an increase relative to last year's average rate of $15.16 per square foot NNN, while community shopping centers reported an increase from the previous year's rate of $18.47 per square foot NNN, ending the quarter at $18.96 per square foot NNN.