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Market Report

Houston Industrial Market Report

2024 Investment Forecast

Port Houston Fuels Southeast Rent Surge as Rising
Exports Reflect Strong Manufacturing Base

Local container volume starts the year at record high. After normalizing in the latter months of 2023, following all-time high volumes at the Port of Houston earlier in the year, throughput was back on the rise to start 2024. Driven by a 9 percent year-over-year increase in exports, the total container volume at the port surpassed 330,000 TEUs during the opening month of 2024, the strongest January tally on record. Resins and petrochemical commodities were the primary contributor to rising exports, showcasing Houston’s energy-related supply chain prowess. The port also welcomed its largest vessel in history last year, an achievement made possible by ongoing efforts to expand the channel, including opening a new wharf last August. These long-term enhancements to port capacity are driving storage and logistics needs in the area, supporting robust rent growth in the Southeast Corridor. Here, the average asking rate surged by 34 percent in 2023, leading all Houston locations and ranking second among major U.S. submarkets with 100-plus million square feet of inventory. Amid growing costs near the Bay, spillover demand may flow to adjacent areas north and inland. 

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