Industrial absorption climbed out of negative territory and into a more familiar place this quarter, with a strong 2.9 million sq. ft. of industrial space absorbed in Q2 2019.
Vacancy jumped 10 basis points to 5.5%.
Record-breaking under construction totals were reported this quarter, with 20.5 million sq. ft. of industrial product currently under construction being the highest quarterly number ever recorded by CBRE Research.
11.2 million sq. ft. of new industrial product broke ground this quarter, which brings the year-to-date total up to a solid 13.6 million sq. ft.
Continued job and population growth, a growing e-commerce enterprise, and heightened activity in the Port of Houston are driving demand for industrial space across the Houston metro.