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HOUSTON (NAI Partners) – July 24, 2018 – Local industrial development reached levels not seen in more than two years, said NAI Partners in its second quarter 2018 industrial market report. The development pipeline logged 12.4 million sf, compared with the all-time recorded high of 15 million sf reached in 2Q2015.
New construction delivered during the second quarter stood at 1.8 million sf, close to the average amount of space completed over the last four quarters (1.9 million sf).
Triple net average asking rents increased by 3.6 percent quarter over quarter to $6.97 per sf and by 2 percent year over year from $6.83.
The overall industrial vacancy rate grew to 5.4 percent in the second quarter, an increase of 20 basis points quarter over quarter and unchanged year over year.
In May, 3.1 million workers were on payrolls throughout the region, according to the Texas Workforce Commission. For the 12 months ending May 2018, Houston created 79,200 jobs, a 2.6 percent increase.