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Houston Retail Reports Recovery
Weitzman recently released its new report for the Houston retail market. Kyle Knight, senior vice president with Weitzman Houston, discussed the results.
Connect CRE: What’s the current state of the market?
Knight: Houston’s retail market saw vacancy jump during the depths of the pandemic in 2020, but demand increased in 2021, thanks to retail innovations and recovery. New restaurant, small-shop and box leases helped return occupancy to a pre-pandemic 95 percent.
Connect CRE: What about construction?
Knight: Houston is setting records, but for low construction. Only 535,000 square feet were delivered in 2021, a decline partly due to pandemic delays. We expect to see higher but still conservative deliveries this year and next.
Connect CRE: What do you see for 2022?
Knight: Houston is seeing job growth erase most of the 2020 losses and housing remains really strong. Since retail follows rooftops and economic health, we’re predicting a healthy market.
- ◦Lease
- ◦Development
