Quarterly Snapshot 4Q23 | Retail | The Houston Retail Market Outperforms Other Markets
The Houston Retail market continues to be the healthiest of Houstona™s commercial real estate markets. The overall vacancy rate has remained steady quarter to quarter, ranging from 4.8% to 5.1%. Additionally, as of 4Q23, Houston recorded a total absorption of 2.8 million SF over the past 12 months. This absorption was predominantly concentrated in the general retail sector (1.8 million SF) and neighborhood center segment (120,000 SF). Because of this, Houston secured the second position nationally in terms of new demand during this period. As the year progresses, we should see more space being absorbed and demand continue to heighten.