The Houston industrial market saw 13 million square feet of new inventory added in 2019. Vacancy rates increased to 6.9% in the fourth quarter, though net absorption remained positive at 2.4 million square feet. Demand continues to be driven by logistics, distribution, and e-commerce users, though an oversupply of spec construction may challenge landlords in some submarkets. Overall, the Houston industrial market had a solid year with healthy absorption and job growth.

1. Share or view online at colliers.com/houston
Houston’s industrial market expansion continues
with the addition of 13M SF of new inventory in 2019
Research &
Forecast Report
HOUSTON | INDUSTRIAL
Q4 2019
Lisa Bridges Director of Market Research | Houston
Commentary by Kent Willis
The month of January gets its name from the Latin language and
the Roman god Janus, the god of beginnings, transition, gates,
passages and endings. So, I guess it makes sense that it is the first
month (in the Gregorian calendar anyway) of the year and that it
causes many of us to reflect on the past year and look forward to
the beginning of a new one.
The commercial real estate world is no different as we look back
on what the market told us by way of transactions, absorption,
deliveries of new product and overall user sentiment about the
future. The length of the term a tenant is willing to sign on a lease,
the price a user is willing to pay for a building and the price a
developer pays for land are all examples of the market “speaking”.
The beauty of markets and the law of supply and demand is that
they don’t lie. Yet, there is always more to the story.
What did the markets say?
The Houston Industrial market has not traditionally been classified
as a “Big Box” (buildings over 250,000 SF) market in the past
and that hasn’t completely changed. However, the last few years
have seen more and more spec development and build-to-suits of
these buildings. Nowhere is this more evident than the West and
Far West submarkets with tenants and users like Igloo, Rooms To
Go, Amazon and Academy, all of whom occupy what are termed
“mega-distribution centers” (1,000,000 SF plus). Ross Stores
Inc. broke ground in Q4 2019 on what is expected to be a 2M SF
distribution facility. This is a new trend in Houston that is likely to
continue, albeit at a slower pace as the availability for developable
land slowed down land transactions somewhat in 2019.
The demand to purchase rather than lease a building by an owner/
user has increased due to lower interest rates and a desire to
relocate closer to the city’s inner core. As a result, sellers are
getting reasonable prices and that segment remains strong. Cap
rates are also extremely low, resulting in a higher than average
price per foot trades on investment sales.
Summary Statistics
Houston Industrial Market Q4 2018 Q3 2019 Q4 2019
Vacancy Rate 5.4% 6.5% 6.9%
Net Absorption (SF) 2.2M 1.2M 2.4M
Deliveries (SF) 3.1M 4.2M 4.9M
Under Construction (SF) 13.9M 18.1M 18.3M
Asking Rents
Per Square Foot Per Year (NNN)
Average $7.80 $7.76 $7.52
Warehouse/Distribution $7.05 $7.12 $7.09
Flex/Service $9.66 $8.93 $9.34
Tech/R&D $11.56 $9.62 $10.22
Big Box $4.81 $5.07 $5.15
Market Indicators
Relative to prior period
Annual
Change
Quarterly
Change
Quarterly
Forecast*
VACANCY
NET ABSORPTION
DELIVERIES
UNDER CONSTRUCTION
*Projected

2. Change in Sales (Year over Year)
Average Price Per SF
$40
$50
$60
$70
$80
$90
$100
United States Houston
Average CAP Rate
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
United States Houston
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
Houston United States
2 Houston Research & Forecast Report | Q4 2019 | Industrial | Colliers International
Sales Activity
Source: Real Capital Analytics Q4 2019
NO. OF PROPERTIES: 31
SALES VOLUME: $244.4M
AVERAGE $/SF: $79
AVERAGE CAP RATE: 6.8%
Job Growth & Unemployment
(not seasonally adjusted)
UNEMPLOYMENT 11/18 11/19
HOUSTON 3.8% 3.6%
TEXAS 3.5% 3.3%
U.S. 3.5% 3.3%
Oilfield pain….
As everyone knows, oil is king in Texas and Houston is known around the globe
as the Energy Capital of the World. And nowhere in the world has more oilfield
service companies than Houston. 2019 will be known as a year of consolidation
in the industry. The price of oil in 2019 rose from $45.15 per barrel (12/2018) to
$61.66 per barrel (12/2019). In November of 2019, the US became a net exporter
of all oil products, including both refined petroleum products and crude oil and
the resulting effect has been a stable oil price hovering around $60 per barrel.
Capital expenditures in the oilfield have tightened, meaning layoffs. Consolidations
that occurred resulted in companies eliminating redundancies in their operations,
which for the industrial real estate market meant downsizing and merging of
facilities.
Overbuilt?
The main thing you will hear almost unanimously across town is that spec
development of bulk distribution space has outpaced demand and that is cause
for some worry among real estate professionals. As of January 2020, there
is about 21M SF under construction in Houston. While many brokers noticed a
slowdown in deal volume over the summer and the early fall of 2019, most agree
that Q4 2019 saw an increase in tenants actively searching for space, which is
thankfully carrying over into 2020. The Far East and Baytown submarkets (and
other submarkets where large spec developments have occurred) will force
Landlords to “get creative”, which means readjusting their proformas or getting
very aggressive on lease rates and incentives- essentially becoming a Tenants
market as they say.
In Summary…
Here is a quick way to “put the pieces together” and summarize the state of the
Houston Industrial market:
According to NAIOP, 60% of the total U.S. demand for industrial space is
coming from just five industries: logistics and distribution, food and beverage,
e-commerce distribution, third party logistics (or 3PL’s), and traditional retailers.*
Hence, the emergence of Katy/Brookshire area as a Big Box market, as discussed
above.
Now couple that with the continued low cost of feedstocks for the petrochemical
industry that has driven demand on the Port of Houston and East side markets
and the need for plastics and packaging materials. Once products are produced
and packaged, they need to be shipped. But the 3PL’s cannot do all the work,
which has led to an “explosive 84% year-over-year growth” of “in-house and
distribution demand” according to the NAIOP report. *This bodes well for
Houston’s Industrial market in the coming months, albeit with some caution. The
good news is that recent history tells us that Houston seems to have been less
affected by the past recessions than the rest of the country and likely could do so
in the face of another one.
The mythical god Janus was often depicted in statues and drawings as having
two faces, looking to the past, but also to the future. The general sentiment from
other brokers around Houston is that 2019 was a “healthy” and overall solid year
with a decent amount of active requirements in the market today.
JOB GROWTH
Annual
Change
# of Jobs
Added
HOUSTON 2.7% 85.5K
TEXAS 2.7% 343.0K
U.S. 1.5% 2.2M

3. Change in Sales (Year over Year)
Average Price Per SF
$40
$50
$60
$70
$80
$90
$100
United States Houston
Average CAP Rate
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
United States Houston
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
Houston United States
3 Houston Research & Forecast Report | Q4 2019 | Industrial | Colliers International
Sales Activity
Source: Real Capital Analytics Q4 2019
NO. OF PROPERTIES: 31
SALES VOLUME: $244.4M
AVERAGE $/SF: $79
AVERAGE CAP RATE: 6.8%
Job Growth & Unemployment
(not seasonally adjusted)
UNEMPLOYMENT 11/18 11/19
HOUSTON 3.8% 3.6%
TEXAS 3.5% 3.3%
U.S. 3.5% 3.3%
Vacancy & Availability
On an annual basis, Houston’s average industrial vacancy rate increased 150
basis points from 5.4% in Q4 2018 to 6.9% in Q4 2019 and by 40 basis points
quarterly from 6.5% in Q3 2019. At the end of the fourth quarter, Houston had
38.8M SF of vacant industrial space for direct lease and an additional 2.2.M SF of
vacant space for sublease. Among the major industrial corridors, the Inner Loop
Corridor had the lowest vacancy rate at 4.5%, followed by the South Corridor at
5.3%. The submarket with the largest percentage of vacant space is the North
Corridor, which had a 8.4% vacancy rate.
Absorption & Demand
Houston’s industrial market posted 2.4M SF of positive net absorption in the
fourth quarter, pushing the year-end total absorption to 8.7M SF. Some of the
tenants that relocated or expanded in Q4 2019 include COE Distributing, moving
into 238,000 SF in the Northwest Corridor, Daxwell Distribution moving into
171,700 SF in the Northwest Corridor and Exclusive Furniture moving into
156,000 SF in the Southwest Corridor.
The majority of fourth-quarter positive net absorption occurred in the Northwest
Corridor, recording 2.2M SF. The North, Northeast and South Corridors also
reported positive net absorption in the fourth quarter of 2019. The Inner Loop,
Southeast and Southwest Corridors recorded negative net absorption. 4.9M SF
of new inventory delivered during the quarter. The North Corridor had the most
significant amount of new inventory, 1.7M SF, delivered during the fourth quarter.
Rental Rates
According to our data service provider (CoStar Property), Houston’s citywide
average quoted industrial rental rate for all product types decreased from $7.76
per SF NNN to $7.52 per SF NNN over the quarter. According to Colliers’ internal
data, actual lease transactions are in the $4.68 – $5.28 per SF NNN range for
newer bulk industrial spaces, while flex rates range from $7.20 to $10.80 per
SF NNN depending on the existing improvements or the allowance provided for
tenant improvements and the age and location of the property.
Based on data from our data service provider, the average quoted NNN rental
rates by property type are as follows: $7.09 per SF for Warehouse Distribution
space, $9.34 per SF for Flex/Service space, Tech/R&D space averaging $10.22
per SF and $5.15 per SF for Big Box.
JOB GROWTH
Annual
Change
# of Jobs
Added
HOUSTON 2.7% 85.5K
TEXAS 2.7% 343.0K
U.S. 1.5% 2.2M

4. 4 Houston Research & Forecast Report | Q4 2019 | Industrial | Colliers International44
Q4 2019 Industrial Lease Transactions over 100,000 SF
BUILDING NAME/ADDRESS SUBMARKET SF TENANT LEASE DATE
Victory Commerce Center East-Southeast Outlier 349,050 Wholesome Sweetners1,2
Dec-19
West Ten Business Park - Bldg 3 Northwest Outlier 238,000 Amazon.com Services1
Oct-19
300 S Sheldon East I-10 Outer Loop 180,000 Gerber Plumbing Fixtures1
Oct-19
1403 Gillingham Ln - Bldg 1 Sugar Land 148,921 Scope Imports1
Nov-19
Claymoore Distribution Center Northwest Inner Loop 124,050 Owens & Minor3
Oct-19
Pinto Business Park North Fwy/Tomball Pky 123,330 BGI1
Dec-19
Allied Power Building Northwest Hwy 6 113,000 Allied Power Group3
Oct-19
5901 Griggs Rd South Inner Loop 101,707 Supply Chain Warehouse LLC1
Oct-19
Leasing Activity
According to our data service provider (CoStar Property), Houston’s industrial leasing activity decreased over the quarter from 7.2M SF
in Q3 2019 to 5.7M SF in Q4 2019. The decrease in leasing activity can be attributed to more owner/users in the market. Most of the Q4
2019 transactions consisted of leases for 50,000 SF or less; however, there were several larger deals that occurred. The table below
highlights some of the larger transactions that closed in Q4 2019.
1
Direct/New
Under Construction
Currently, 18.3M SF of industrial space is under construction in Houston with 38.9% of this space pre-leased. The largest project
under construction is a 1,300,000-SF distribution warehouse for Medline Industries which is being developed by Clay Development &
Construction. The majority of projects under construction are located in the Southeast, Southwest and North Corridor submarkets and are
between 25,000-150,000 SF. Below is a partial list of the largest buildings currently under construction.
2
Colliers International Transaction 3
Expansion/Renewal
Q4 2019 Industrial Under Construction - 300,000 SF or greater
BUSINESS PARK/ADDRESS SUBMARKET RBA
% LEASED/
OWNED
DEVELOPER/CONTRACTOR
DELIVERY
DATE
BUILDING DESCRIPTION
31207 Kingsland Blvd Sugar Land/Brookshire 2,165,000 100% Ross Stores Inc Feb-21 Ross Distribution Center
Pederson Distribution Park Northwest Outlier 1,300,000 100% Clay Development & Construction Dec-20 Medline Industries
Pinto Business Park North Fwy/Tomball Pky 1,000,000 100% Hines Feb-20 BTS Coca-Cola Southwest
Beverages
Conroe Park North Industrial
Park
The Woodlands/Conroe 860,000 100% Ryan Companies US, Inc. Dec-20 BTS Five Below
Bay Area Business Park East-Southeast Far 784,000 0.0% Stream Realty Jun-20 Spec Warehouse
Grand National Business Park -
Fallbrook Dr
Hwy 290/Tomball Pky 770,640 100% Hines Apr-20 BTS Home Depot Distribution
Center
Generation Park Northeast Hwy 90 648,720 0% Lincoln Property Company Sep-20 Spec Distribution
Cedar Port Logistics East-Southeast Far 644,000 0.0% Avera Companies May-20 Spec Warehouse
Bayport South Business Park -
10591 Red Bluff Rd
East-Southeast Far 642,994 0.0% Panattoni Development Company Mar-20 Spec Warehouse
1919 S Fm 565 Rd East-Southeast Far 604,800 100% DVO Jun-20 BTS Katoen Natie
Kennedy Greens Distribution
Center I
North Outer Loop 524,160 0.0% Clay Development & Construction Feb-20 Spec Distribution Warehouse
I-10 & Pin Oak Rd Northwest Outlier 498,700 100.0% American Furniture Warehouse Mar-20 American Furniture Warehouse
Park 249 - Bldg 1 Hwy 290/Tomball Pky 443,520 0.0% Panattoni Apr-20 Spec Distribution Warehouse
Clay 99 - Bldg 5 Northwest Outlier 433,200 0.0% Duke Realty Corporation Feb-20 Spec Distribution
Ella Logistics Center North Fwy/Tomball Pky 358,567 0.0% Hines Jan-20 Spec Distribution Warehouse
Deerwood Glen Business Park East-Southeast Far 308,225 100% Clay Development & Construction Mar-20 BTS CAP Barbell

5. 5 Houston Research & Forecast Report | Q4 2019 | Industrial | Colliers International
Q4 2019 Houston Industrial Market Statistical Summary
MARKET
RENTABLE
AREA
DIRECT
VACANT SF
DIRECT
VACANCY
RATE
SUBLET
VACANT
SF
SUBLET
VACANCY
RATE
TOTAL
VACANT SF
TOTAL
VACANCY
RATE
4Q19 NET
ABSORP-
TION
3Q19 NET
ABSORP-
TION
4Q19
COMPLE-
TIONS
SF UNDER
CONSTRUC-
TION
Houston Total 596,082,620 38,785,759 6.5% 2,227,998 0.4% 41,013,757 6.9% 2,362,462 1,201,053 4,876,462 18,291,261
CBD-NW Inner Loop 11,439,576 799,035 7.0% 0 0.0% 799,035 7.0% 16,969 (154,843) - -
Downtown 30,241,375 1,187,883 3.9% 16,297 0.1% 1,204,180 4.0% (149,533) (10,918) - -
North Inner Loop 5,076,305 138,768 2.7% - 0.0% 138,768 2.7% 15,000 165,343 - -
Southwest Inner Loop 5,969,037 222,095 3.7% - 0.0% 222,095 3.7% 34,049 (40,472) - -
INNER LOOP
CORRIDOR TOTAL
52,726,293 2,347,781 4.5% 16,297 0.0% 2,364,078 4.5% (83,515) (40,890) - -
North Fwy/Tomball
Pky
27,995,354 2,961,306 10.6% 264,470 0.9% 3,225,776 11.5% 170,010 (57,626) 242,760 2,399,833
North Hardy Toll Rd 37,705,661 2,997,033 7.9% 68,411 0.2% 3,065,444 8.1% 251,428 30,747 1,044,297 747,435
North Outer Loop 22,809,470 1,289,195 5.7% 196,837 0.9% 1,486,032 6.5% (172,793) 28,012 351,400 524,160
The Woodlands/
Conroe
18,707,268 1,163,863 6.2% 36,800 0.2% 1,200,663 6.4% 126,501 (98,940) 56,215 1,089,732
NORTH CORRIDOR
TOTAL
107,217,753 8,411,397 7.8% 566,518 0.5% 8,977,915 8.4% 375,146 (97,807) 1,694,672 4,761,160
Liberty County 1,211,541 86,440 7.1% - 0.0% 86,440 7.1% - (21,190) - -
LIBERTY COUNTY
TOTAL
1,211,541 86,440 7.1% - 0.0% 86,440 7.1% - (21,190) - -
Northeast Hwy 321 1,549,806 23,700 1.5% - 0.0% 23,700 1.5% - (18,750) - -
Northeast Hwy 90 20,333,823 1,596,260 7.9% 38520 0.2% 1,634,780 8.0% (17,925) 115,248 239,300 856,920
Northeast I-10 4,103,199 233,294 5.7% - 0.0% 233,294 5.7% 598 3,935 10,800 -
Northeast Inner Loop 12,174,180 488,096 4.0% 5,000 0.0% 493,096 4.1% 110,879 149,315 - -
NORTHEAST
CORRIDOR TOTAL
38,161,008 2,341,350 6.1% 43,520 0.1% 2,384,870 6.2% 93,552 249,748 250,100 856,920
Hwy 290/Tomball Pky 24,753,539 2,292,001 9.3% 233,258 0.9% 2,525,259 10.2% 94,700 176,093 - 2,129,910
Northwest Hwy 6 12,244,621 1,173,397 9.6% - 0.0% 1,173,397 9.6% 11,702 51,125 14,000 69,526
Northwest Inner Loop 60,053,294 3,845,792 6.4% 252,628 0.4% 4,098,420 6.8% 344,339 (84,595) 40,967 180,053
Northwest Near 18,291,913 738,981 4.0% 124,882 0.7% 863,863 4.7% 80,308 172,840 21,000 -
Northwest Outliers 27,847,193 1,616,504 5.8% 63,204 0.2% 1,679,708 6.0% 1,511,832 202,647 886,044 3,545,315
West Outer Loop 26,765,537 1,084,689 4.1% 29,850 0.1% 1,114,539 4.2% 114,839 159,665 - -
NORTHWEST
CORRIDOR TOTAL
169,956,097 10,751,364 6.3% 703,822 0.4% 11,455,186 6.7% 2,157,720 677,775 962,011 5,924,804
South Highway 35 35,719,197 1,801,893 5.0% 216,736 0.6% 2,018,629 5.7% (12,020) (146,755) 65,400 262,488
South Inner Loop 12,388,688 485,332 3.9% 67,325 0.5% 552,657 4.5% 101,980 27,214 - -
SOUTH CORRIDOR
TOTAL
48,107,885 2,287,225 4.8% 284,061 0.6% 2,571,286 5.3% 89,960 (119,541) 65,400 262,488
East I-10 Outer Loop 13,607,283 535,162 3.9% - 0.0% 535,162 3.9% 21,862 (90,437) - -
East-Southeast Far 73,506,174 6,238,783 8.5% 393,845 0.5% 6,632,628 9.0% (271,971) 306,375 810,630 4,340,079
Southeast Outer Loop 17,095,778 831,914 4.9% 144,796 0.8% 976,710 5.7% (7,084) (7,476) 526,094 176,201
SOUTHEAST
CORRIDOR TOTAL
104,209,235 7,605,859 7.3% 538,641 0.5% 8,144,500 7.8% (257,193) 208,462 1,336,724 4,516,280
Highway 59/Highway
90
23,919,089 1,392,023 5.8% 51,469 0.2% 1,443,492 6.0% (54,705) (143,023) 361,419 874,678
Southwest Far 15,158,944 1,792,534 11.8% - 0.0% 1,792,534 11.8% 217,520 113,577 77,586 684,543
Southwest Outer Loop 13,170,837 897,752 6.8% 17,670 0.1% 915,422 7.0% (138,808) 64,507 - -
Sugar Land/Ft Bend
Co
22,243,938 872,034 3.9% 6,000 0.0% 878,034 3.9% (37,215) 309,435 128,550 410,388
SOUTHWEST
CORRIDOR TOTAL
74,492,808 4,954,343 6.7% 75,139 0.1% 5,029,482 6.8% (13,208) 344,496 567,555 1,969,609
Market Summary

6. TOTAL INDUSTRIAL
INVENTORY 596.1M SF
OTHER: 5%
SERVICE/FLEX 2%
R&D: 1%
DISTRIBUTION: 15%
WAREHOUSE: 61%
MANUFACTURING: 16%
8.1M SF
5.9M SF
6.5M SF
7.2M SF
Q4 2018
Q1 2019
Q2 2019
Q3 2019
-29.6%
ANNUAL
DECREASE
LEASING
ACTIVITY
58%
ANNUAL
INCREASE
NEW CONSTRUCTION
(DELIVERIES)
Q4 2019 4.9M SF
Q4 2018 3.1M SF
Q1 2019 3.2M SF
Q2 2019 6.1 SF
5.7M SFQ4 2019
Q3 2019 4.2 SF
6.9% $7.52/SF
VACANCY AVG. RENTAL RATE
Q42019
UNDER
CONSTRUCTION 18.3M SF
6 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Market
000 Address, Suite #
000 Address, Suite #
+1 000 000 0000
colliers.com/<<market>>
6 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2019 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Houston
1233 West Loop South, Suite 900
Houston, Texas 77027
+1 713 222 2111
colliers.com/houston
FOR MORE INFORMATION
Lisa Bridges
Director of Market Research | Houston
+1 713 830 2125
lisa.bridges@colliers.com
Q4 Houston Industrial 2019 Highlights
Kent Willis
Vice President | Houston
+1 713 830 2154
kent.willis@colliers.com

7. 7 Houston Research & Forecast Report | Q4 2019 | Industrial | Colliers International7
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