Commercial vacancies remain high along FM 1960 corridor
February 1st, 2011 7:52am
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While the Houston real estate market has remained one of the steadiest nationwide, a report from the Texas A&M Real Estate Center finds that the FM 1960 area is still struggling somewhat with high vacancy rates.According to the report, the 224 buildings in the region have a vacancy rate of 25.1 percent, more than 5 percentage points higher than any other part of the city. In addition, the average rate was just 13 percent.
However, officials told KTRK that the area is in the midst of a transition, and should see improving numbers over the coming years.
"I don't think the report told the whole story," Barbara Thomason of the Houston NW Chamber of Commerce, told the station. "We have a lot of businesses and a lot of people that continue to move into this area, so it continues to grow."
However, the city still remains positioned as one of the strongest nationwide. According to a report earlier this month from CoStar, the Houston real estate market was among the top 10 markets for office, industrial, retail and multifamily properties.
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