Page 14 - NBIZ Magazine August 2023
P. 14

coupled with several new and second-generation vacancies, primarily in the West and Northwest submarkets, may lead to
        a more tenant-friendly rate structure in those submarkets. Any deviation from this projection may stem from the slowing
                    Industrial
        construction pipeline in the coming quarters and possibly into early 2024.
                   Houston
                    23Q2
           Overall, the outlook for the remainder of the year is positive for Houston’s industrial real estate market. All these
        factors combined with Port Houston’s expansion, metro Houston’s continued regional population growth, and the region’s
        solid overall investment interest, will carry momentum into and during the second half of 2023. N
                  Under Construction
                  Institutional Inventory - 500,000 SF or Greater
                  The buildings in the table below represent a sampling of the developments currently underway in Houston’s industrial market.

                                                                     % Leased/  Est. Delivery   Developer/Owner/
                       Business Park/Address   Submarket      RBA     Owned      Date         Tenant
                                              The Woodlands/
                  NorthPort Logistics Center     Conroe      1,224,498     0%   Q3 2023    Lovett Industrial
                  TGS Cedar Port DC4         East-Southeast Far  1,218,956  0%  Q3 2023  Trans-Global Solutions
                  Presidents Park Bldg 4      North Hardy Toll   1,213,573  0%  Q4 2023       Prologis
                                                  Road
                  Beltway66 Logistics Park Bldg 1  South Hwy 35  1,200,000  100%  Q4 2023      Target
                                                                                           Provident Realty
                  Port 88 Logistics Bldg 1   East-Southeast Far  1,027,490  0%  Q2 2024
                                                                                              Advisors
                  Generation Park            Northeast Hwy 90  1,026,270   0%   Q4 2023      CA Ventures
                                                                                          Falcon Commercial
                  Kingsland Ranch Logistics Park Bldg 3  Sugar Land  855,610  0%  Q3 2023   Development
                                                                                          Capital Development
                  Logistics Center II        East-Southeast Far  800,405   0%   Q1 2024
                                                                                              Partners
                                                                                            Principal Global
                  Parkside Logistics Center Bldg 1  East-Southeast Far  759,693  0%  Q3 2023
                                                                                              Investors
                  Construction Activity
                  Houston Industrial Construction
                                                                      Construction by Submarket
                         # of Buildings        Available SF  Houston Industrial Under Construction
                             190              20,373,146

                           Total SF            Pre-Leased
                         29,508,236              34.4%



                               Future Deliveries
                                  Future Deliveries
                     18,000,000  16,360,582
                     16,000,000
                     14,000,000  11,400,321  11,744,268
                     12,000,000
                   Square Feet   10,000,000  7,553,425  7,027,446  9,405,963  6,186,196
                     8,000,000
                     6,000,000
                     4,000,000
                     2,000,000
                         -
                           Q3 2023  Q4 2023  Q1 2024  Q2 2024  Q3 2024  Q4 2024  2025  North  Northeast  Northwest  South  Southeast  Southwest
                                  Estimated Completion
                                Estimated Completion


        Danny Rice joined Colliers Houston in July 2023 as President of the firm's brokerage operations which includes over 120 brokers,
        marketing and administrative staff.  With over 17 years of experience in the commercial real estate industry, Danny has been involved in
                  Colliers | Houston | 23Q2 | Industrial Report
        many facets of the business including brokerage, marketing, research, technology, management and operations. Danny can be reach at
        Danny.Rice@colliers.com.
        Patsy Fretwell, joined Colliers in 2023 as the Research Director and has more than 40 years of communications, research and statistical
        analysis experience in the commercial real estate industry. Patsy can be reached at Patsy.Fretwell@colliers.com
        Paul Dominique, Senior Associate, specializes in industrial representation for logistics companies, manufacturing and corporate users
        of space. He works with his clients to execute cost reduction strategies, multi-market transactions, site selection and build to suit
        projects, disposition of surplus property and overall portfolio management. Paul can be reached at Paul.Dominique@colliers.com.

        14  NBIZ  ■ August 2023
   9   10   11   12   13   14   15   16   17   18