Houston’s real estate market saw major gains in industrial space, single-family homes, and self-storage space over the past decade, As seen in the coverage by a study by StorageCafe. Texas’ business-friendly environment and relative affordability were credited for the city’s ranking. The region’s residential construction was the strongest in the nation, with Houston issuing about 55,600 single-family-home building permits from 2013 to 2022. Houston led the nation in industrial construction with 65.9 million square feet added over the past decade. The surge in industrial space construction in Texas and throughout the country has been attributed to the growth of e-commerce since the pandemic forced consumers to shop from home.
As seen in the coverage by a recent report by StorageCafe, Houston’s real estate market has been booming over the past decade, registering major gains in industrial space, single-family homes, and self-storage space. In fact, the city has experienced more growth than any other U.S. city.
The report credits Texas’ business-friendly environment and relative affordability for the city’s ranking. Texas swept the top five spots, with San Antonio, Austin, Dallas, and Fort Worth following Houston.
Houston’s strong job growth has made it a top destination for residents moving from the West Coast and other, often more expensive, markets. The region’s residential construction was the strongest in the nation, with the city of Houston issuing about 55,600 single-family-home building permits from 2013 to 2022. Fort Worth was second with 50,590 single-family-home permits.
Houston also led the nation in industrial construction, with 65.9 million square feet added over the past decade. Fort Worth added 58.5 million square feet, Dallas 31.4 million, and Phoenix 29.6 million. The surge in industrial space construction in Texas and throughout the country has been attributed to the growth of e-commerce since the pandemic forced consumers to shop from home.
Meanwhile, as the nation’s inventory of self-storage space grew by 25 percent to 462 million square feet, Houston placed second in the U.S. with an additional 5.7 million square feet in the 10 years ended in 2022. New York City added the most, 9.6 million square feet, while San Antonio followed Houston with 5.68 million square feet.
The office sector grew its space by 8 percent over the decade, As seen in the coverage by StorageCafe, which noted that construction is slowing as companies shift to remote work and take less space. Houston added 27 million square feet, second to New York City, which added 73.5 million square feet.
Accordingly, Houston’s real estate market has been on the rise, thanks in part to its business-friendly environment, relative affordability, and strong job growth. With industrial space, single-family homes, and self-storage space all on the rise, the city is well-positioned for continued growth in the years to come.
