Oct. 18, 2018
By: Matt Parsons, senior vice president
As Houston’s retail market digests the numerous grocery-anchored developments delivered from 2011 to 2017, retailers and developers have shifted their focus to creative projects in the Inner Loop and power centers across Houston’s suburbs.
In the urban core, retail developments are getting more unique as developers and owners seek to create the authentic experience today’s consumers desire. Retail developers are looking to old industrial product or other structures for redevelopment. Such is the case with the Heights Waterworks project by Braun Enterprises.
Also within the urban core, existing retail landlords are renovating to reposition their properties and stay competitive, a trend made evident by the significant renovations ongoing at Uptown Park.
Within Houston’s inner loop, retailers and developers are congregating along popular retail corridors in Montrose, The Heights and Washington Avenue, attracted by strong residential demographics.
Meanwhile, power centers are expanding in Houston’s suburbs. Despite negative retail headlines, popular big box retailers, including movie theaters, fitness concepts and large craft suppliers, continue to grow along the Grand Parkway.
As retail evolves, there will always be yesterday’s brands closing, but in a dynamic retail market like Houston that only creates more opportunity for brands in growth mode.
A sign of the market’s strength, Houston retail demand and supply are increasing in lockstep, with 2.8 million square feet of positive net absorption and 3.2 million square feet of deliveries year-to-date.
About the Author
Matt Parsons is a senior vice president with JLL’s Retail Brokerage group in Houston, specializing in tenant representation. With more than 10 years of experience, Matt provides a comprehensive approach to implementing a strategic real estate plan from market analysis and research to site selection and lease negotiations for a range of retail and non-traditional retail users.