Houston is absorbing faster than it builds, but the pipeline is still growing.
CBRE reports 7.2M SF of Q3 net absorption against 4.9M SF of deliveries, with vacancy at 6.3%.
Year-to-date absorption is about 18M SF, roughly 6M SF a quarter (derived).
GlobeSt's report on the same quarter cites about 14.7M SF of larger signings, a gross figure that includes renewals and is not comparable.
The pipeline rose slightly to 18.4M SF, about 2.6 quarters of Q3 absorption at that pace (derived).
Pre-leasing in that pipeline was not reported.
Vacancy of 6.3% with absorption outrunning deliveries supports rent and land values today. The risk sits in the pipeline: 18.4M SF delivering into a market that absorbed 7.2M SF in Q3 needs that pace to hold. For speculative starts, pre-leasing, not vacancy, is the number to ask for.
Related coverage
Key Takeaways
- Houston is absorbing faster than it builds, but the pipeline is still growing.
- The Southeast submarket led with 2.3M SF of Q3 absorption; North and South each added over 1M SF
- Gross signings and net absorption measure different things
GlobeSt, Houston Industrial Absorption on Best Run Since 2022 Thanks to 'Staggering' Leasing, Oct. 8, 2026 · CBRE, Houston Industrial Figures Q3 2026
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