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Houston Named Top Growth Market for Big-Box Industrial Sector in North America
Houston was named the top growth market in North America for large-warehouse leasing activity, with 11.1 percent of its inventory absorbed in 2021, according to a new report from CBRE.
Transactions for big-box warehouses – those of 200,000 square feet or larger – hit new highs in 2021, as retailers added safety stock to limit supply chain disruptions and continued to meet online shopping demand. This category recorded 450 million square feet of transactions in the top 23 North American markets last year, up significantly from 350 million square feet in 2020. The study includes markets with more than 75 million square feet of big-box product.
Houston was named a top-10 market for under construction activity, with 15.6 million sq. ft. in the pipeline. However, with surging demand, 37 percent of this product is already leased. General retailers & wholesalers and 3PLs accounted for 73 percent of leasing volume, driving nearly 22 million sq. ft. of net absorption in 2021 – triple 2020’s total.
- ◦Development
- ◦Economy
