Manvel Town Center, pictured above, is one of the market’s largest new projects now underway.
Houston’s retail market has experienced demand from expanding concepts, as well as a shortage of new retail inventory, resulting in healthy occupancy of 95.4 percent as of year-end 2023.
The rate is based on Weitzman’s review of Houston’s retail market and its retail market inventory of approximately165.0 million square feet in multi-tenant retail projects with 25,000 square feet or more.
Occupancy is increasing thanks to a steady influx of expanding large-format retail concepts as well as small-shop concepts that are backfilling the market’s available existing space.
Calendar-year 2023 recorded deliveries that totaled approximately 847,000 square feet of space in new and expanded retail projects consisting of 25,000 square feet or more.
This 2023 construction total remains on the conservative side, especially for a tight retail market located in a robust major metropolitan area, and the deliveries ran below the 2022 total of 1.2 million square feet.
