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Houston Retail Returns to Stability
Weitzman recently released its new report for the Houston retail market. Kyle Knight, senior vice president with Weitzman’s Houston office, discussed the outlook with Connect.
ConnectCRE: What’s the current state of the market?
Knight: Houston’s retail market saw occupancy stabilize at 93 percent, following a pandemic-induced 2-percent decline during 2020. The market saw few large-format, and increased retail demand and leasing activity, including dozens of new restaurant and box deals which helped absorb existing vacancies.
ConnectCRE: What about construction?
Knight: Over the past decade, new deliveries have remained really conservative. That trend is continuing in 2021. Based on forecasted deliveries of 685,000 square feet for calendar year 2021, Houston will report the lowest construction in three decades.
ConnectCRE: What do you see for 2022?
Knight: Houston’s strengths include a booming housing market, strong population growth and a stabilized job market, all supporting the outlook for a strong retail market for the foreseeable future.
- ◦Lease
