ICOnic News | Industrial Rental Rates on the Rise | Sept 2022
INDUSTRIAL RENTAL RATES ON THE RISE
Over the past 12 months, the Houston Industrial market has seen a 9% increase in Base Rental rates. This is a newer phenomenon for the city as we have previously seen stagnant or minor rent increases year over year. The Houston Metro Area has historically had a large amount of sites available for industrial development compared to other major metro markets. Cities like Los Angeles or New Jersey have consistently seen rent increases year over year due to the finite availability of industrial sites. In Houston, we are starting to see suitable sites with good access become harder to find.
With Houston leading the country in Industrial demand, it's no surprise we are starting to experience rent increases on par with other markets. However, this is also driven by strong headwinds to deliver more supply with higher land prices, inflated construction costs, and a rise in the cost of capital. As the construction pipeline in Houston slows down due to higher costs to deliver buildings, we expect to continue to see another 5-10% rent increase as industrial demand remains strong.
An Interview with Carin Smith Where are you from? When did you move to the US?
Plettenberg Bay, South Africa September 2012
How long did it take to become a US Citizen?
10 years
What was the process like to become a US Citizen?
A company needs to sponsor you for a green card application. The process is very lengthy, and it depends on if you have a sponsor or if you must do it yourself. To become a citizen, I had to pay a lot of money and fill out a lengthy application. It took a year for the application to be approved. Once approved, the process is an interview, an English proficiency test, then if you pass, they invite you for a citizenship ceremony where you pledge your allegiance.
What were some of the challenges you faced during the process?
The waiting for the application was the hardest part. I did not know if my application would be approved in the first place.
What excites you the most about being a U.S. Citizen?
I was given the opportunity to provide my children a better life for the future here in the US. It is the country of the brave and the free.
