Retail property in Houston

2007-09-27T01:06:00.000-07:00

Houston - America’s 4^th largest city - is better known for its association with oil, but in recent years, the city has diversified to become a leading educational, financial, medical, and retail center. Today, the retail property market in houston commercial properties are generally strong all over the city – including downtown, the suburbs and surrounding area.

There are several reasons for the strong retail market in houston commercial properties. The city has seen steady job growth as well as expansion of its port facilities and substantial investment in major highway projects. Commercial and residential construction has also been strong over the last few years. In addition, Houston has no zoning laws, which generally makes it easier for developers to build in just the right place.

The average occupancy rate of houston land for sale retail centers hovers around 85% - shopping centers built since 1990 tend to have a slightly higher rate than those built prior to that year. Newer shopping centers are generally better design, offer better parking, and are generally more appealing to both potential tenants and shoppers. Rental rates in the houston commercial properties market has average around $1.50 per square foot. Planned communities, such as Sugar Land in the Southwest and the Woodlands to the north have been successful in both attracting new residents as well as new retail projects. In addition, Houston has been innovative in renovating older buildings to be used for retail and office space.

It isn’t just the suburbs that are booming in houston commercial properties - the city has made major efforts in revitalizing its downtown area and attracting residents and visitors. An estimated 4,000 people live in the downtown area – a figure that is expecting to rise to around 10,000 by 2010. Around 70,000 students are enrolling at the various colleges and higher education facilities that are located in and around downtown.

Revitalization of downtown began in earnest in 1995, in an attempt to bring retail, residential and commercial developments to the somewhat run down area. Since that time, around $4 billion has been invest in the retail property market downtown. This includes public and private developments - and the successful reclamation of over 1000 acres of land. Improvements such as improved parking and street lighting have also helped to attract tenants and retailers.

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