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HOUSTON—It was another record-setting year for Port Houston volume, and the emergence of the Gulf Coast as a globally low-cost petrochemical manufacturer leaves Houston's industrial sector well-positioned entering 2018, according to the latest CBRE Houston Industrial MarketView. Organic demand driven by expansions and move-ins were a significant factor in fourth quarter.
The report indicates that net-occupier demand in the last quarter totaled more than 1 million square feet, pushing 2017 year-end net absorption to more than 7 million square feet. GlobeSt.com also learns that overall availability tightened by more than 60 basis points with direct vacant space decreasing 800,000 square feet and total availability decreased by 3 million square feet, quarter-over-quarter.
Moreover, the development pipeline is continuing to grow as more spec projects break ground. Specifically, the Port and West Houston logistics demand drive construction, as 3.3 million square feet of new projects get underway.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
