Business

Falling Vacancies, Rising Rents Likely At Port Of Houston

A new study of U.S. seaports suggests the property market for the Port of Houston has bottomed out.

Commercial real estate firm Jones Lang LaSalle says the vacancy rate at the Port of Houston should fall in the near future. That will give landlords more scope to raise rents, though any rent increases are likely to be slow.

Manufacturers make up nearly a quarter of current tenant demand for the market, though the largest tenant by far is Wal-Mart.

The Port Authority plans to undertake over $200 million in infrastructure improvements over the next few years. Much of the work will go to accommodate larger vessels and increased cargo. That’s due to the pending Panama Canal expansion in 2014, as well as future demographic growth in the region.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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