Despite the positive activity, the report does note vacancy increased by 66 basis points in the last 12 months. The Houston rate is lower than all other industrial markets in the Texas and Oklahoma regions, according to the report.
The far northwest is the only submarket still in trouble with its supply and demand. The research team found 62% of the 2.5 million sf of speculative development that delivered since 2001 is still vacant.
The first half of this year will keep tenants in control, even in the industrial sector due to the overall softness in the national economy. Concessions such as free rent and ample TI dollars will continue.
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