This quarter, Houston saw over 1.8 million sq. ft. of retail delivered, up 173% from Q4 2018. The Inner Loop saw the most deliveries amongst the submarkets with 496,705 sq. ft. of retail product delivered.
Houston’s housing market experienced another record year as home sales and prices continued to rise as mortgage rates remained low. The strongest sales activity was seen among homes priced between $250,000 and $500,000, with homes priced from $500,000 to $750,000 following closely behind. The median price this quarter increased by 2.5% to $240,900.
This year Houston has posted some of the strongest retail stats while other major markets have fallen prey to the retail apocalypse. With a total of over 4 million sq. ft. of deliveries, over 3 million sq. ft. of net absorption, and a low vacancy rate of 5.9%, Houston’s retail market experienced one of its strongest years in 2019
The Houston economy closed out 2019 with solid fundamentals, seeing job growth at an annualized 2.7%. This year, Houston added over 80,000 jobs, up 10% from 2018 and saw unemployment rates fall to decade lows. Most of the growth is expected to occur in health care, government, accommodation and food services, construction, and administrative support services.