Falling Vacancies, Rising Rents Likely At Port Of Houston
by: Andrew Schneider, October 11, 2012 5:10:00 am
Commercial real estate firm Jones Lang LaSalle says the vacancy rate at the Port of Houston should fall in the near future. That will give landlords more scope to raise rents, though any rent increases are likely to be slow.
Manufacturers make up nearly a quarter of current tenant demand for the market, though the largest tenant by far is Wal-Mart.
The Port Authority plans to undertake over $200 million in infrastructure improvements over the next few years. Much of the work will go to accommodate larger vessels and increased cargo. That’s due to the pending Panama Canal expansion in 2014, as well as future demographic growth in the region.