Houston industrial market report
Q3 2024
The Houston industrial market remains strong, adjusting to shifting consumer demands while maintaining solid fundamentals. Although demand has stabilized following a phase of rapid growth—slowing new construction since Q1 2024—steady industrial job growth and ongoing activity at the Port of Houston signal resilience. This strength is bolstered by a diverse tenant base, encompassing not only e-commerce but also logistics, distribution, parcel delivery, wholesalers, and industrial equipment businesses. This broad tenant mix positions the market for continued growth in the future.
5.7 msf
Net absorption remains strong
Despite moderating occupier demand from record highs, the Houston industrial market absorbed 5.7 msf in Q3 2024, surpassing pre-pandemic levels.
10.3 msf
Construction activity at a 7-year low
As Houston's industrial market fundamentals stabilize, Q3 2024 saw a decline in construction starts and completions.
8.4 msf
Leasing activity sustains industrial growth
While leasing demand has slowed from its pandemic peak, Q3 2024 saw strong leasing activity, with 8.4 msf leased, driven by logistics, distribution, and transportation sectors.
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