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CBRE: ‘Landlords are Nervous’ About Upcoming Challenges in Houston Office Market

HOUSTON – The third-quarter statistics for the Houston office market showed some improvement, but the market is waiting for the other shoe to drop. Third quarter numbers from CBRE showed Houston’s average office rental rate of $27.74 was up 6 percent from a year ago. Other positives: 1.5 million SF was absorbed in quarter, raising the year-to-date absorption to 3.6 ... 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 »

Oil and The State of the Houston Office Market: The Q&A with Kevin Roberts of Transwestern

Beginning with Allen Brothers who founded the city,  Houstonians have been an optimistic bunch.  In recent years, since the end of the Great Recession, energy and real estate entrepreneurs exuded boundless optimism about Houston – and with good reason. With the price of a barrel of West Texas Intermediate crude rising to triple digits, the sky seemed to be the ... Read More »

CBRE Report: Dallas Unscathed by Oil Collapse

DALLAS – After a year of sliding and volatile oil prices, the commercial real estate fallout in energy markets is mixed across North America and by property type, but fears about widespread adverse impacts have not been realized, according to a new report from CBRE Group, Inc. The impact in Dallas/Ft. Worth has been minimal, as commercial real estate fundamentals ... Read More »

ULI Houston: How Realty Will Fare in Energy Downturn

HOUSTON – Falling oil prices are squeezing the real estate markets in Houston, although some sectors are performing well in spite of the downturn, according to panelists at the Urban Land Institute luncheon Tuesday. The roughest spot: the Houston office market, particularly the Energy Corridor, where new buildings are being completed as energy companies trim their workforces. The brightest spot: ... 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 »

Houston Added 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, the Texas Workforce Commission reported. Although Houston has lost jobs in the manufacturing sector, the overall unemployment rate is low. The unemployment rate stood at 4.3 percent in June, an improvement from 5.3 percent a year earlier. Houston gained over 100,000 ... 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 »

Despite Oil Crash, June was Strongest Month Ever for Houston Home Sales

HOUSTON – June was the strongest month ever for home sales in Houston, with an all-time record sales of 7,935 single-family homes, Houston Association of Realtors reported. Industry experts had been predicting that the Houston real estate market would stumble in 2015, after oil prices dropped sharply last year. But the predicted downturn has failed to materialize. “We started this ... Read More »

Best April Ever for Home Sales in Houston, Despite Energy Gloom

HOUSTON – Last month was the strongest April ever for home sales in Houston, despite a downturn in the energy industry, which has prompted local economists to issue gloomy forecasts. But so far, local housing continues to outperform in 2015. Houston recorded the strongest April ever with record-high prices and a record number of homes sold for an April, according ... Read More »

Bulletproof: Despite Oil Crash, Texas Home Sales Surge in First Quarter; Inventory at All-Time Low

AUSTIN – The Texas residential markets remained immune to the drastic fall in oil prices, as the Lone Star State posted exceptionally strong home sales in the first quarter of 2015, the Texas Association of Realtors reported. The inventory of homes for sale fell to an all-time low. With oil falling from $107 a barrel last summer to less than ... Read More »

Tilman Fertitta Announces 35-Story Hotel/Office Tower Near Houston’s Galleria

HOUSTON – Tilman Fertitta, chairman of the Landry’s restaurant and entertainment organization, has announced plans for a 35-story mixed-use tower on Loop 610 about a mile north of the Galleria. The 650,000-square-foot project will have 240 high-end hotel rooms, 120,000 square feet of office space and 22 apartment units, Fertitta said. Plans for the 10-acre site, 1600 West Loop, on ... Read More »

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