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Port Houston volume up 25% year-over-year.
VACANCY AT 9.1%
Overall vacancy in the Houston industrial market is at 9.1%, up from 8.0% year-over-year in April 2020. The year-over-year increase in vacancy is due in part to the more than 32 million sq. ft. delivered during 2020, of which approximately 32% is available for lease. In addition, there is 15 million sq. ft. currently under construction, with 39% of that space available for lease. The vacancy rate for Class A properties is at 17.9%, up from the prior period at 16.8%. The Houston industrial market has recorded 13.7 million sq. ft. of leasing activity—which is comprised of both new leases and renewals—compared to this time last year at 15 million sq. ft. The asking price for industrial properties is currently at an average monthly rate of $0.65 per sq. ft., up from this time last year at $0.62 per sq. ft., due primarily to the new product added to the market.
4PX EXPRESS USA TAKING OCCUPANCY OF 347,000 SQ. FT
4PX Express USA, an ecommerce provider, has completed an industrial lease at the Boulevard Oaks Business Park at 5880 W Fuqua St. in the Far Southwest submarket. The tenant leased a total of 347,730 sq. ft. in Building 8 and plans to take occupancy in Q3 2021. The Class A industrial property totals 532,440-sq.-ft. and was developed in 2020.
PORT HOUSTON TEUS JUMP 25% IN APRIL
Port Houston handled 275,840 twenty-foot equivalent units (TEUs) this month compared to April of last year, when 221,540 TEUs were handled. This is reflective of the high consumer demand, growing regional population, and consistently world-class customer service through Port Houston’s terminals. Port Houston also demonstrated strength, notably with steel imports up 15% this month and 6% year-to-date. This marks the second month in a row for steel increases, indicating the highly anticipated rebound in this sector.
Director of Research
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