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All of Houston is experiencing a period of explosive growth and with this growth comes dynamic opportunities for businesses and individuals alike. Southeast Houston is growing at a tremendous rate. New home construction, retail space and employment are all skyrocketing. Renovations and beautification of the main corridors of traffic are laying the foundation for a revitalized Houston area.
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The Houston Retail Market overall contains a total of nearly 130 million square feet of retail space apportioned into four general categories: regional malls, community centers, neighborhood centers and strip centers. Based on square footage, neighborhood centers was the largest retail category composing of nearly half (48%) of the total retail inventory. The Greater Southeast Management District is located within the Inner Loop Submarket of the Houston MSA as defined by O�Connor and Associates. This submarket is defined as being within the boundaries of the I-610 Loop. Of the 167 multi-tenant shopping centers surveyed, the Inner Loop Submarket has 7.9 million square feet (net) of space, representing 6.2% of the entire Houston retail market. The Inner Loop shopping center distribution is 15.4% strip centers, 27% community centers and 57.6% neighborhood retail centers. There are no regional malls located within this submarket. As of the first quarter 2005, occupancy averaged 86.82%. First quarter 2005 absorption totaled 74,788 square feet, reflecting a positive start for the year. Inner Loop retail reported an average rental rate of $1.51 per square foot per month ($18.12 per square foot per year) for all centers. New construction within the subject submarket for 2004 totaled 25,185 square feet. Currently there is an additional 191,983 square feet proposed. In comparison, there were 40,060 square feet of space constructed within the Inner Loop during 2003. For more information, select a topic below:
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