SUBMARKET INTELLIGENCE NORTH HOUSTON
TOMBALL
SPRING
GEORGE BUSH INTERCONTINENTAL AIRPORT
VITAL STATS
HUMBLE
LAKE HOUSTON
17 .0% 16.0%
33,454,011 SF
1,600,000
15.0% 14.0%
HOUSTON
13.0%
1,100,000
12.0% 11.0%
HLC OUTLOOK HLC’s North industrial submarket is currently home to approximately 33.5M SF of existing product and just over 5M SF of product under construction/capitalized.
600,000
10.0% 9.0% 100,000
8.0% 7.0%
(400,000)
6.0% 3Q 16
Year-to-date net absorption has been positive in the North submarket at more than 1.6M SF at the close of 3Q. However, vacancy has crept up into double digits due to the supply of new construction coming online. During 3Q, there was approximately 1.4M SFof new product delivered. Almost half of that total was one project, Air 59 Logistics Center – a 685,400 SF building with USAA, which had yet to be leased at the close of 3Q.
NEW DEVELOPMENTS • Air 59 Logistics Center – a 685,400 SF building with Archway Property, Ridgeline, and USAA • Layne Crossing – a 529,034 SF building with Crow Holdings • Cypress Preserve Logistics Center – a 515,780 SF building with Davis Commercial Development • Ella Logistics Center – a 504,595 SF building with Hines • Reeds Landing Business Park – a 363,182 SF building with Exeter Property Group
LARGE EXISTING VACANCIES • • • •
Air 59 Logistics Center – 685,400 SF 8221 Volta Drive (Point North Three) – 337,700 SF 121 Esplanade Boulevard – 244,550 SF 10484 Greens Crossing Boulevard – 239,814 SF
4Q 16
1Q 17
2Q 17
3Q 17
4Q 17
1Q 18
Absorption
Absorption
2Q 18
3Q 18
4Q 18
1Q 19
Deliveries
vs. Prev. Qtr
2Q 19
3Q 19
Vacancy
vs. 12 Mths Ago
17,542
1,622,237
490,020
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
12.0%
8.3%
7.7%
Leasing Act.
vs. Prev. Qtr
vs. 12 Mths Ago
664,411
661,277
1,699,313
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
5,227,530
5,984,945
1,718,900
Delivered SF
vs. Prev. Qtr
vs. 12 Mths Ago
1,387,714
1,826,714
Source: CoStar
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