Page 18 - NBIZ August 2021
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Houston Industrial


        By Zack Taylor and Lisa Bridges
               ouston’s Industrial market continues to gain       The strong leasing activity in Q2 mirrors a more optimis-
               momentum as leasing velocity reaches almost 12   tic outlook on the economy and overall recovery from the
        Hmillion square feet, up 30% from Q1 2021. Notable     COVID crisis. Governor Abbot issued an Executive Order in
        leases include Wolseley’s lease of 750K SF at Empire   March removing all COVID-related operating limits on busi-
        West, Living Spaces’ lease of 685K SF at Air 59 Logistics   nesses. In addition, President Biden issued a third economic
        Center, Webstaurant’s lease of 645K SF at Cedar Port   stimulus package in March that has pumped more money
        Logistics, Goodman’s lease of 494K SF at Sam Houston   into the economy. Retail spending now has surpassed pre-
        Distribution Center and FedEx’s lease of 535K SF at Park   COVID levels. E-commerce, automobile sales, and building
        505. With consumer confidence approaching pre-pandem-  materials have been the biggest beneficiaries of consumer
        ic levels, we expect to see strong leasing activity for the   spending—all five of the largest leases signed in Q2 fall into
        near term.                                             one of these three categories.

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