Marcus & Millichap

Houston Self-Storage Investment Report

Houston Metro Area, Second Half 2017

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Economic Trends

Houston employers added 63,700 positions over the past 12 months, marking a rebound in hiring following a period of negative job growth. The manufacturing sector was a primary driver of this turnaround, as the industry bolstered its workforce by more than 21,000 employees. By the end of 2017, employers will have created 87,000 jobs, supporting a 3.3 percent increase in retail sales.

Vacancy Trends

The aftermath of Hurricane Harvey will create a short-term upswing in demand for Houston storage facilities as impacted residents and businesses scramble to recover. As a result, the metrowide vacancy rate will decline 20 basis points to 10.4 percent in 2017, delaying what would have been a vacancy increase as originally forecast.

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