HOUSTON-A last-minute push of 1.1 million square feet of retail positive net absorption in Q4 brought the entire net absorption total to 1.2 million square feet. Colliers International's Research & Forecast Report notes that the push came about because of a new HEB grocery store in Cypress and the phase one opening of Tanger Outlet in Texas City.
The report also notes that the metro vacancy rate decreased to 7% from the previous quarter (from 7.2%). Inventory coming to market was the reason for the smaller decrease in vacancy.
The citywide average quoted rental rate for all property types is $14.34 per square foot; however, rental rates vary widely from $10.00 to $70.00 per square foot depending on location and property type and class.
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