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Quarterly Snapshot

Home Quarterly Snapshot Article
27
JUL
July 27, 2023 Mike Gornek

Quarterly Snapshot 2Q23 | Industrial | The Houston Industrial Market Prepares for Slowdown in 2024

The Houston Industrial market is beginning to see a reasonable slowdown in new construction due to the amount that was delivered to the market in the past couple of years. As of 2Q23, 3.7% of Houstons current inventory is under construction. In comparison to the national benchmark of 3.2%, Houston has seen record growth. New inventory to the market, totaling 786 million SF as of 2Q23, remains 70% available for lease. Starting in 2024, the number of new construction projects will decrease notably because of higher interest rates and increased labor and material costs.

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Published by: Mike Gornek

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