Two tenants have already signed leases prior to Parc Air 59 reaching substantial completion.
HUMBLE, TX—Parc Air 59, a 320,000-square-foot urban industrial development, is the first industrial component within Houston-based Archway Properties' 111-acre mixed-use business park which includes retail, medical office and other uses. Developer Jackson-Shaw says 50% of the three-building industrial development has been leased prior to completion.
This is no surprise considering that the vacancy rate for industrial space in the Houston metro has remained below 6% for 30 consecutive quarters or since fourth quarter 2011, according to a report by NAI Partners. Although, the record-breaking levels of new construction have been pushing the vacancy rate up slightly, ending first quarter 2019 at 5.9%, up 30 basis points quarter-over-quarter and an increase of 80 basis points year-over-year, says NAI's report.
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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.
