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Houston Industrial Market: Current Trends & Future Outlook

Gain insights on Houston industrial market trends, capital market shifts, and submarket analysis from Jim Casey's presentation. Discover the impact of job growth, values decline, and major players in different Houston submarkets.

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Houston Industrial Market: Current Trends & Future Outlook

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  1. Industrial Forecast Luncheon September 23, 2009 Jim Casey

  2. Industrial Development Current Market Trends - Houston • New spec project pipeline is shut down • There is reasonable tenant leasing activity, but commitments are slow • There has not been major give-backs of space • Generally, the markets are declining slightly, but pretty stable • Need to see job growth to generate meaningful absorption

  3. Capital Markets • Values have declined; but little volume to establish values • Lenders terms have shifted significantly; they don’t want to make new loans right now • Equity is waiting on sidelines for more clarity on values • Effects of long term debt roll-overs yet to come • REIT’s are recovering, raising equity

  4. Houston Submarkets vary significantly • Northwest • Largest and most diverse • Oilfield services, computer industry, furniture, general goods • Modest amount of big new space • Sub Market is in balance

  5. Southwest • Fort Bend County is one of the fastest growing counties in the country • Electronics, engineering, oilfield services • Several new projects delivered in 2008 / 2009 • Proximity and access to residential areas is key

  6. East • Most forward looking submarket • Petrochemical commodities, container traffic • Big projects delivered; need to see new major increases in are housing to absorb the space • Long-term factors should promote growth, but near-term is going to be difficult

  7. North • Proximity to IAH is key • Freight forwarding, oilfield services • Export and import activities • New international cargo routes developing

  8. Summary • Houston industrial market is trending down, but the slope is shallow • Need to watch job losses;….. will there be job gains in 2010? • New construction pipeline has slowed to a trickle • Houston should out-perform most of the country long-term

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