Houston Retail Rents At All-Time High
The first five months of the year mark the highest amount of leasing activity in January-May for the Houston retail market since 2016. In addition, vacancy rates have dropped 80 basis points, from. 6.3% to 5.5% from the same time last year.
The leasing and vacancy trends have led to an increase in rents. A recent NAI Partners survey showed Houston metro NNN average asking rent is at an all-time high of $19.37 per square foot, up almost 4% from last year.
Transactions of note included Academy Sports + Outdoors signing a lease for 58,095 square feet in South Cross Center and a 52,990 square foot lease signed in Southview Square.
- ◦Economy