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TRANSCRIPT
While some submarkets saw negative quarterly occupier growth, all tracked Texas markets remained in overall positive territory. Statewide, 90-day net absorption increased by almost 2.0 million sq. ft. This was due largely to Houston’s absorption growth of 2.5 million sq. ft. Additionally, about 62% of delivered construction was pre-leased. This occupied growth in inventory combined with robust leasing activity pushed down Texas industrial vacancy to 5.9%, down from 6.3% in Q4 2017 and 6.2% a year ago.
Following a record quarter of new construction starts late last year and a scoring year of deliveries, industrial construction activity steadied. Dallas/Ft. Worth leads in new starts but with a smaller margin compared to previous quarters. Austin and McAllen saw quarterly growth in both new starts and total space under construction while El Paso and San Antonio just the opposite. Statewide, total space under construction was slightly above Q4 2017 and nearly 5.0 million sq. ft. higher than Q1 2017.
CompletionsUnder ConstructionNet AbsorptionVacancy RateRentable Area
Robert C. Kramp
Director of Research & Analysis,
Texas-Oklahoma Division
E. Michelle Miller
Research Operations Manager,
Texas-Oklahoma Division
John D. McWilliams
Research Analyst, Houston
Miller Hamrick
Research Analyst, DFW
Luke Goebel
Research Analyst, Austin
Elisabeth Downs
Research Coordinator, El Paso, McAllen
To learn more about CBRE Research,
or to access additional research
reports, please visit the Global
Research Gateway at
www.cbre.com/researchgateway.
Austin500 W 2nd, Suite 1700Austin, TX 78701
Dallas2100 McKinney, Suite 700Dallas, TX 75201
El Paso211 N. Kansas, Suite 2100El Paso, TX 79901
Houston2800 Post Oak, Suite 2300Houston, TX 77056
McAllen200 S. 10th St., Suite 1209McAllen, TX 78501
San Antonio200 Concord Plaza, Suite 800San Antonio, TX 78216
Texas totals, including vacancy, represent aggregate data from Austin, Dallas/Ft. Worth, El Paso, Houston, McAllen, and San Antonio markets. Austin and San Antonio data exclude owner occupied properties, while El Paso and McAllen data exclude Flex space. CoStar supplemented data are used for the latter markets to calculate a flex space asking rate and vacancy rate. Austin and San Antonio industrial data underwent an audit during Q4 2016 and Q1 2017. Houston and El Paso avg. asking rate formula was adjusted in Q4 2016 and Q3 2017, respectively, to better reflect the weighted averages. As result, figures were updated based on the most recent available information.