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Colliers: Office Vacancy Soars in Houston Suburbs

HOUSTON – Houston’s office vacancy rate jumped sharply in the second quarter, jumping to 16.2 percent, up from 14 percent in the second quarter of last year, according to the Colliers International real estate firm. The downturn in the energy industry forced thousands of layoffs and companies emptied great blocks of office space. Tenants are renewing existing leases, but more ... Read More »

Best September Ever for Houston Home Sales

HOUSTON – In the strongest September on record, the Houston Association of Realtors reported 6,691 single-family homes were sold in September, a 3.5 percent increase over September of last year. However, HAR reports a slight decrease in “pending sales” a statistic that indicates sales activity could be slowing. Traditionally home sales slow down in the fall, as the holiday seasons ... Read More »

Best August Ever for Houston Home Sales, Despite Last Month’s Plunging Oil Prices

HOUSTON – The Houston Association of Realtors reported 7,454 single-family homes were sold last month – the best August on record and the eighth best month ever for the city’s housing market. Sales so far this year indicate that homes are selling at the nearly same pace as last year –an impressive rate considering that 2014 was the best year ... Read More »

Despite Oil Crash, July was Best Month Ever for Houston Home Sales

HOUSTON – July was the best month ever for home sales in Houston, despite the economic woes generated by the decline of the energy industry. Many economists had been expecting a slowdown in home sales after oil prices fell from $107 a barrel last summer to under $50 a barrel today and energy companies to laid off thousands of workers. ... Read More »

Office Tenants Getting Free Rent in Houston

HOUSTON – Landlords are offering free rent in many office leases in Houston, where a contraction in the energy industry has created softness in the office market, although other sectors of Houston commercial real estate are surging, according to CBRE. Companies signing leases for Houston office space in Houston in 2015 are often receiving six to 12 months of free ... Read More »

Houston Gained 57,000 New Jobs in Last 12 Months

HOUSTON – Houston has gained 57,000 new jobs over the last 12 months, including 4,300 new jobs in June alone, the Texas Workforce Commission reported. Although Houston has lost jobs in the manufacturing sector, where there have been layoffs for the blue-collar workers who produce drill bits and oilfield equipment, the unemployment rate is low. The Houston area unemployment rate ... Read More »

Houston Office Market Feels 2nd Quarter Pain Due to Energy Fallout

HOUSTON – Troubles in the energy industry ripped the Houston office market in the second quarter as the pace of leasing slowed and vacancy rates shot upward, according to the Colliers International real estate firm. Houston’s citywide vacancy rate rose to 14.1 percent in the second quarter up from 11.6 percent the second quarter of 2014, Colliers said. A significant ... Read More »

The Texas Real Estate Market Has Not Withered Away

A word on the Lone Star State: The Texas real estate market has not withered away following the remarkable decline in oil prices over the last year. A significant number of new developments are underway in Texas: a $1 billion 750,000 square-foot Facebook data center is under construction in Fort Worth; a 4 million square-foot Daikin HVAC manufacturing plant being ... Read More »

Energy Corridor Building to Fetch Record-High Price

HOUSTON – A new office building in Houston’s Energy Corridor is expected to sell for a record-high price, despite the recent collapse in oil prices and the energy industry layoffs that followed. The 549,000-square-foot Energy Center 3 tower, fully leased to ConocoPhillips, has been placed on the market with expectations that it will fetch a sales price of $270 million ... Read More »

With Track Record for Accuracy, Marcus & Millichap Forecasts 50,000 New Jobs for Houston

HOUSTON – Marcus & Millichap, which has a track record for accurate economic forecasting, is projecting Houston will gain 50,000 new jobs in 2015. While the drop in oil prices and the layoffs in the energy industry has sobered the Houston economic outlook, the realty market has held up fairly well in 2015. The dire forecasts of local economists just ... Read More »

Houston Home Prices Hit an All-Time High

HOUSTON – Houston home prices have reached an all-time high as the median home price hit $233,000 in May, the Houston Association of Realtors reported. The low inventory of homes for sale has driven Houston home prices upward sharply for the last two years. The median price – the midpoint where half the homes for more and half for less ... Read More »

Houston Forecast: Economist’s Gloomy 2015 Prediction Will Be Wrong – Again

Editor’s Comment by Ralph Bivins:  Bill Gilmer, director of the Bauer Institute for Regional Forecasting at the University of Houston, delivered an incredibly gloomy economic forecast last week.  Gilmer told a crowd at the Hyatt Regency that as few as 13,000 jobs will be created in Houston in 2015. Before we dive into a panic, take a minute to consider ... Read More »

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