Texas is a huge state with a rapidly growing commercial real estate market. Houston is the largest city in the state, and it is increasing steadily in the retail market. Business owners and start up entrepreneurs can find retail space available in any area of the city. Even the unpopulated areas are under construction with many retail options for new or existing businesses. Let’s look at retail opportunities in Texas Commercial Real Estate.
Texas and its Cities
Other cities like Austin, San Antonio, and Dallas/Fort Worth also have extensive construction projects underway in commercial sector. These four major cities in Texas have been surveyed by the Shopping Center Survey and Forecast. They were found to have the best occupancy rates in the state’s record. This is due in part to the strong economy, expansion of retailers, and limited retail construction. This is what drives the demand to many existing projects. Texas has plenty of wide-open spaces for commercial growth, and the future looks bright for businesses and entrepreneurs who want to invest in a growing, recovering retail space.
Economic Growth Affecting Retail Real Estate
The state of Texas experienced an explosive population growth over the past decade which laid the groundwork for the construction of many new commercial retail projects. The market is expanding, and the state is moving forward with it. There have been some setbacks with closings, occupancies, openings, and a dip in the economy because of the pandemic. But the Texas commercial real estate market held comparatively steady and continues with its growth. Texas is the leading state in the nation for population gain. The state is a business-friendly state which is attractive to both large and small businesses.
Businesses operating in Texas receive benefits, such as tax incentives and lower taxes for businesses as compared to other states. This greatly influences commercial real estate development in the retail sector. The land can be very inexpensive in the state which is another benefit for potential business owners as well as real estate developers. The construction regulations are easy, and developers are able to quickly start their projects. This means more work for commercial real estate agents, brokers, and those who facilitate all these transactions.
Opportunity in Houston’s Retail
For a city like Houston, Texas sees a large expansion in construction of commercial real estate properties. Although densely populated, there are miles of raw land which is being developed into retail spaces, and other real assets. Large retail stores and other facilities are building annexes on some of this property. Large and small business owners are starting out in these new locations, or expanding to include an additional entity. The one positive thing about moving into a new location is that there is always someone waiting to buy or lease the old one, so Houston is never at a loss of revenue from any particular property.
The real estate market will always be lucrative in Texas. This is especially true for retail space, office space, and other commercial real estate properties. The Lone Star State has a bright future in the commercial real estate market. The state is a friendly for families, businesses, and developers. With Texas being one of the most favored relocation destinations, the time is right for further expansion and development to benefit from retail opportunities in Texas. This state is continuing to grow, and the need for more retail space and construction projects have not ceased as yet. Many are considering new retail space in the state of Texas.
