Fourth Quarter 2008

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The Houston market posted a slight decrease in occupancy during the fourth quarter of 2008, as the retail market begins to show signs of softening in light of the current economic atmosphere.  While continued population and job growth managed to keep the market relatively stable over the year, a significant pipeline of construction combined with a weakening energy sector foretell a further softening in the future.

Houston retail market occupancy decreased 0.22 points over the quarter, and is down 0.06 points over the last 12-month period to 84.13%.  Rental rates per square foot declined in the fourth quarter to $1.62 psf, and are $0.02 psf below last year’s level.  On a positive note, absorption in the fourth quarter was a positive 725,073 square feet, with the year ending at a positive 2,205,528 square feet absorbed.

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