HOUSTON (Houston Business Journal) – A new report from Marcus & Millichap projects that Houston will add 91,000 jobs this year, a surge that could stimulate demand for commercial real estate development.
The California-based real estate investment services firm predicts an increase in consumer demand, fueling development in commercial and retail properties, particularly in regional hubs like Houston’s Energy Corridor.
Marcus & Millichap anticipates 2.1 million sf of new retail space in the area this year, a 1 percent increase in inventory. Vacancy rates are expected to drop to 9.8 percent, and rents are expected to rise by 1.6 percent.
