Houston Industrial Market Report
Monumental Port Expansion, Leasing Surge Epitomize
Near- and Long-Term Tailwinds
Billion dollar ship channel initiative enhances future prospects. In early June it was announced that Project 11, an improvement to the Port of Houston more than a decade in planning, would officially get underway, with a completion target set for 2025. An estimated $1 billion will be injected into the project, with a goal of widening and deepening the port to facilitate efficient two-way traffic flow. At a time when port congestion has plagued supply chains across the globe, this will likely intrigue shippers and distributors, potentially elevating the number of vessels coming in and out of Houston. This will translate to increased storage needs near the port, serving as a tailwind for industrial space demand in adjacent areas. Locations that stand to benefit most include Chambers and Galveston counties as well as the Interstate 10 corridor on the east side of the metro.