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HOUSTON RETAILFEBRUARY 2016
RECENT RETAIL LEASES
Fairfield :: Fitness Connection 44,189 SF new lease at Jones Plaza
Spring Branch :: SOAP Hand Car Wash31,000 SF new lease at Shoppes at Memorial Villages
Atascocita :: Lone Star Athletics11,740 SF new lease at Lake Country Plaza
RECENT RETAIL SALES
Fairfield :: Cypress Town Center 55,090 SF Buyer: Spigel Properties, IncSeller: Inland Real Estate Corporation
RETAIL IN THE NEWS
High-end bowling alley moves forward on first Houston location link to storyHouston Business Journal, February 23, 2016
Iconic Tex-Mex joint snaps up shuttered steakhouse for a move across the street link to storyCultureMap Houston, February 22, 2016
New upscale H-E-B opens in growing Houston ‘burb link to storyHouston Business Journal, February 17, 2016
RETAIL LEASE STATISTICS
Source: CoStar - Houston retail buildings 5,000 SF and greater
Retail Market IndicatorsSUBMARKET TOTAL RBA (SF)
DIRECT VACANT (SF)
DIRECT VACANCY RATE
OVERALL VACANCY RATE
SF UNDER CONSTRUCTION
2015 NET ABSORPTION
East (Chambers County/Baytown, Channelview & Pasadena/Galena Park) 13,213,520 950,302 7.9% 7.9% 20,342 (38,187)
Inner Loop (CBD, Galleria, Uptown, University, River Oaks, Heights & East End) 31,511,311 1,067,241 3.9% 3.9% 27,865 627,822
North (Near North, FM 1960/I-45, Greenspoint/North Belt, Spring Creek, Far North & Montgomery County)
57,386,772 3,067,292 5.8% 5.9% 190,539 348,405
Northeast (Near Northeast, Lake Houston, Kingwood & Liberty County) 12,797,899 541,904 7.2% 7.4% 307,000 192,139
Northwest (Addicks, Bridgelands, Cypresswood, Fairfield, Far Katy North, Far Northwest, Far Tomball, Jersey Village, Near Northwest Oaks, Near NW Spring Valley, Willowbrook)
57,110,793 2,785,724 5.9% 5.9% 1,098,176 825,624
South (Far South & Near South) 13,734,228 739,349 6.1% 6.1% 164,730 112,723
Southeast (NASA/Clear Lake, Near Southeast, Southeast Outlier ) 51,364,503 3,010,201 5.8% 5.9% 731,736 761,060
Southwest (Near SW Central, Stafford, Sugar Land, Far New Territory, Far West, Far Southwest )
42,514,647 2,502,000 6.5% 6.6% 261,575 263,580
West (Near West, Westchase, Far West, Far Katy South) 39,259,163 1,952,320 4.9% 5.1% 127,898 1,219,962
Total - Houston 318,892,836 16,616,333 6.0% 6.0% 2,929,861 4,313,128 Source: Costar - Houston retail buildings 5,000 SF and greater
Retail Sales StatisticsHOUSTON MSA UNITED STATES
QUARTER TO DATE
LAST QUARTER (Q4 2015)
TRAILING 12 MONTHS
LAST QUARTER (Q4 2015)
TRAILING 12 MONTHS
Volume ($ Mil)
$53.7 $464.1 $1,848.1 $22,739.7 $88,019.5
No. of Properties
9 48 182 1,835 7,195
Total SF 285,105 2,926,371 11,842,857 114,802,709 427,643,487
Average Price/SF
N/A $233 $186 $210 $218
Average Cap Rate (Yield)
N/A 6.3% 6.9% 6.4% 6.5%
Source: Real Capital Analytics
MARKET WATCH
Overall Vacancy Rates Asking Rental Rates (NNN)
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Q215
Q315
Q415
$16.75
$17.00
$17.25
$17.50
$17.75
$18.00
$18.25
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
MARKET WATCH HOUSTON RETAIL MARKET FEBRUARY 2016
HOUSTON RETAIL MARKET WATCHFEBRUARY 2016
45
45
45
10
10
610
10
290
59
90
288
99
249
8
35
6
See Inner Loop
Map
Inner Loop
3
3
3
3
33
3
3
4
4
4
4
4
4
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
5
5
5
6
6
6
7
8
9
10
Gulf Freeway/Pasadena
Baybrook / Clear Lake
Old Pearland / Alvin
1
2
3SOU
THE
AST
Pasadena / Galena Park
Channelview / Beaumont
Baytown / Chambers
1
2
3
EA
ST
Pearland / Manvel
Near South
1
2SOU
TH
Near North
FM 1960 & I-45
Greens Point - North Belt
Spring Creek
Far North
The Woodlands - Montgomery
1
2
3
4
5
6
NO
RTH
Near Northeast
Atascocita
Kingwood
Liberty County
1
2
3
4
NO
RTH
EA
ST
1
2
3
4
SOU
THW
EST
1
2
3
4
5
6
INN
ER
LO
OP
1
2
3
4
5
6
7
8
9
10
NO
RTH
WE
ST
1
2
3
4
WE
ST
CBD
Bellaire / West University
Galleria/Uptown
Inner Loop / River Oaks
Heights
East End
Northwest Oaks
Spring Branch
Willowbrook
Jersey Village
Copperfield
Fairfield
Cypress/Bridgelands
Far Katy North
Far Northwest
Tomball/Spring Cypress
Memorial
Westchase
Energy Corridor
Katy - Cinco Ranch
Sharpstown - Southwest Central
West Oaks
Sugar Land - Stafford
Richmond Rosenberg
Houston | RETAIL SUBMARKETS
INNER LOOP
1. CBD2. Bellaire/West University3. Galleria/Uptown4. Inner Loop/River Oaks5. Heights6. East End
WEST
1. Memorial2. Westchase3. Energy Corridor4. Katy/Cinco Ranch
NORTH
1. Near North2. FM 1960 & I-453. Greens Point/North Belt4. Spring Creek5. Far North6. The Woodlands/Montgomery
SOUTHWEST
1. Sharpstown/Southwest Central2. West Oaks3. Sugar Land/Stafford4. Richmond/Rosenberg
NORTHWEST
1. Northwest Oaks2. Spring Branch3. Willowbrook4. Jersey Village5. Copperfield6. Fairfield7. Cypress/Bridgelands8. Far Katy North9. Far Northwest10. Tomball/Spring Cypress
NORTHEAST
1. Near Northeast2. Atascocita3. Kingwood4. Liberty County
SOUTH
1. Pearland / Manvel2. Near South
EAST
1. Pasadena/Galena Park2. Channelview/Beaumont3. Baytown/Chambers
SOUTHEAST
1. Gulf Freeway/Pasadena2. Baybrook/Clear Lake3. Old Pearland/Alvin
Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.
HOUSTON RETAIL MARKET WATCHFEBRUARY 2016
SEATTLE
WALNUT CREEK
LOS ANGELES
SALT LAKECITY
DENVER
MINNEAPOLIS
MILWAUKEE
ST. LOUIS
CHICAGO
DETROIT GREENWICHNEW YORK
NEW JERSEY
BALTIMORENORTHERNVIRGINIA
BETHESDAWASHINGTON DC
DALLASFORTWORTH
HOUSTONAUSTIN
SAN ANTONIO
OKLAHOMACITY
NEW ORLEANS
ATLANTA
FORT LAUDERDALEORLANDO
MIAMI-DADE
SANFRANCISCO
PHOENIXORANGE COUNTY
SAN DIEGO
BOSTON
SILICONVALLEY
TRANSWESTERNLOCATIONS
HOUSTON RETAIL TEAM
Nick HernandezManaging [email protected]
Micha van Marcke, CCIMSenior Vice [email protected]
Grant WalkerVice [email protected]
Crystal AllenVice [email protected]
Cindy PhamSenior [email protected]
Chace [email protected]
METHODOLOGY
The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources.
CONTACT
Rachel AlexanderDirector of Market [email protected]
T 713.270.7700 F 713.270.6285www.transwestern.net/houston
1900 West Loop South, Suite 1300Houston, Texas 77027
Chris [email protected]
Danielle SchidlowskiAssociate713.231.1584danielle.schidlowski@transwestern.com
Alex [email protected]
ABOUT TR ANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate.
Transwestern was founded in Houston, Texas in 1978, and Houston remains the corporate headquarters today. As one of the preeminent commercial real estate firms in Houston, we offer a comprehensive menu of real estate services designed to provide owners, tenants and investors with the optimum solutions for their unique requirements. Transwestern has seasoned veterans in every area of expertise with the integrity, experience and creativity to be the best partner for its clients. Transwestern’s Houston office currently employs over 400 team members and has been an innovator in the Houston market for 38 years.
Lauren [email protected]
Ryan [email protected]
Kevin RobertsPresident, [email protected]