HOUSTON – Local retail leasing activity hit all-time highs in January 2022 at 925,000 sf, according to NAI Partners.
Last month, retail vacancy dropped to 5.9 percent from 6.5 percent a year ago. Availability is also down from this time last year at 6.5 percent.
Net absorption is at 369,000 sf, up 40 percent from January 2021.
These positive leasing and absorption trends have pushed retail asking rents to an all-time high of $19.42 per sf. That’s 4.7 percent ahead of this time last year.
Experts expect rent growth will improve as the public health situation improves and economic recovery continues.
Get more Houston-area news on the Texas Real Estate Research Center’s website:
Source: NAI Partners