HOUSTON—A new report out from Colliers International shows leasing in the city's retail market declined in the second quarter due to limited available space.
“The retail vacancy rate has dropped to 5.8 percent city-wide, which is the lowest vacancy rate over the last 10 years,” Lisa Bridges, director of market research at Colliers, told GlobeSt.com. “The majority of the new development is located in the suburban submarkets and is mostly grocery-anchored centers.
During the second quarter, the report states, 933,719 square feet of Houston's retail inventory was absorbed, slightly more than the 837,255 square feet from the previous quarter. Retail leasing activity decreased, reaching 1 million square feet, a decrease of 30 percent from the 1.3 million square feet leased in the first quarter.
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