Quarterly Snapshot 1Q24 | Retail | Houston Retail Market Ranks Third for New Supply
Houston's retail market is making waves nationally in 2024, ranking third for the addition of new retail space. With a pre-leasing rate surpassing 70%, Houston is on track to outpace new supply with net absorption. This positions the metro to be the largest in the U.S. to see a reduction in retail space availability this year, driven primarily by the performance of its eastern half. Furthermore, the availability rate for smaller freestanding properties, specifically those under 5,000 square feet, stands at just 3.5% in 1Q24.