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Home Insights
25
JUL

Quarterly Snapshot 2Q23 | Office | Houston Office Market Experiencing Surplus Inventory

July 25, 2023 Dana Sossen

The Houston office market is experiencing a surplus in inventory across all submarkets, especially in the Central Business District where space availability has grown by more than 2.5 million SF since 2020. Therefore, the Houston market continues to have the highest vacancy rate out of all the U.S. metros with 18.9% in Houston vs 13.2% nationwide, as of 2Q23. The majority of the single digit vacancies are occurring with office buildings built in the last five years. Office buildings built before 2010 (which make up 75% of the inventory) are having a difficult time leasing because newer office buildings offer more amenities and the price differential has dramatically decreased.

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31
MAY

Quarterly Snapshot 1Q23 | Land | Houston Land Market Cools for Developers and Homebuilders

May 31, 2023

The land market in the Houston region is slowing down following the last decade of incredible growth. Single-family home sales fell 18.3% in March 2023 over last year; down 7,907 in 2023 from 9,693 in 2022. Even though home prices have started to level off in some areas, interest rates are still high making it difficult for many homebuyers. As a result, days on the market in 1Q23 have stretched out and is now taking twice as long to sell a home than it did a year ago. As these pressures have increased, it has slowed homebuilder and developer land sales while starting to close the gap between the bid vs. ask spread. Once inflation slows down and interest rates start dropping, then homebuyer consumer confidence will improve land tract sales and home sales will pick back up.

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2
MAY

Quarterly Snapshot 1Q23 | Retail | Houston Retail Market Expands to Meet Demand

May 2, 2023

The Houston retail market looks promising as it works to keep up with rooftops and strong consumer demand. Houston retail is the 5th largest market in the US with over 428 million SF supporting its robust, growing population. With only 20.6 million SF available, its 4.8% vacancy is primarily older centers looking for new life. This lack of new product has motivated tenants and developers to deliver over 993,000 SF in 1Q23 and start construction on over 4.5 million SF of new retail projects, which is already over 60% pre-leased. The Houston region will continue to be a bright spot in the quarters ahead as jobs and growth continue to attract all ages to move to Houston or one of its many suburban master-planned communities. Houstona€™s retail sector remains optimistic due to its location, strong population, household growth, and affordability.

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