With demand for Houston industrial space heating up all over the city, it's important for tenants — and developers — to act fast in leasing or building their new industrial space.
Asking rental rates in Houston increased nearly 3 percent in the third quarter to roughly $7 per square foot, according to research from Avison Young's Houston office. This time last year, the average industrial rent rate was $6.44 per square foot, according to Avison Young. Rent rates in north Houston increased 10.5 percent last quarter and only two of Houston's seven submarkets didn't see an increase in industrial rent last quarter.
Industrial rent is the steepest in north Houston and southwest Houston, where tenants can expect to pay around $7.66 per square foot, per Avison Young's research. The southeast submarket, much of which is anchored by the Port Houston, has an average industrial rent rate of $7.28 per square foot.
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