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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 »

Major Lease Fills Some Office Space in Energy Corridor

HOUSTON – The Energy Corridor office market of Houston, which has been sliding in recent months as prices for West Texas Intermediate crude fell sharply, has racked up some positive news. IHI E&C, an engineering, procurement and construction company specializing in the energy, petrochemical, refining, chemical and natural gas industries , has leased 158,050 square feet in the new West ... 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 »

Dateline Houston: When Oil Dropped Below $50, Some Investors High-Tailed-It Out of Town; But German Investor Martin Bruhl Bought a $440 Million Tower on Main Street

HOUSTON – A compelling investment story can be told in Energy Capital of the World, even with oil at $50 a barrel, says Martin Brühl, the German investment manager who just engineered one of the biggest deals in Houston’s real estate history. Brühl says Union Investment is not stopping with the Houston trophy. It is looking for more investments in ... Read More »

50 Proposed Multifamily Projects Killed or Postponed in Houston in Wake of Oil Crash

HOUSTON – Developers have shelved plans to build some 50 multifamily projects in Houston, where a sharp drop in oil prices has dampened the local economy, according to Patrick Duffy, president of Colliers International in Houston. “We’ve heard 50 multifamily projects have been cancelled or postponed,” Duffy said in remarks to the CoreNet and IFMA luncheon in Houston. Houston has ... Read More »

CoreNet Panel: Sublease Space Coming to Houston Office Market, Where Spec Projects are Over

HOUSTON – Energy companies are putting sublease space on the market in Houston where an oil price collapse has derailed the expansion plans for a number of firms, according to speakers at a real estate luncheon Tuesday. “There’s a lot of sublease space coming back on the market,” said Patrick Duffy, president of the Colliers International realty firm in Houston. ... Read More »

Houston Gains 125,000 Jobs – Best Job Growth Since 1981

HOUSTON – Don’t write off the Houston economy just yet. Demonstrating the healthiest hiring pattern in 33 years, Houston created 125,300 jobs in the last 12 months. It was the strongest job growth for Houston since August 1981 when 127,700 jobs were added. Over the last year, Houston’s strongest sectors for hiring were energy and construction. Houston has been leading ... Read More »

Comerica: Low Oil Prices Create an Economic ‘Sea Change’ and 11 Percent Drop in Housing Starts to Houston

HOUSTON – Significantly lower oil prices represent “a sea change” in the Houston economy and will bring about a weaker commercial real estate market and an 11 percent decline in housing starts in 2015, according to economic commentary by Comerica Bank. After creating about 120,000 jobs in 2014, Comerica projects that Houston will add about 82,000 new jobs in 2015. ... Read More »

Two Energy Firms Lease Office Space in Houston, Where Falling Oil Prices Pose Questions

HOUSTON — Parkway Properties has announced two Houston office leases to energy-related firms, reducing the potential for empty space in its Houston portfolio. “These two leases help to quickly mitigate some upcoming known move-outs in our Houston portfolio with little to no downtime,” stated James R. Heistand, President and Chief Executive Officer of Parkway. Nabors Industries, which owns more than ... Read More »

Layoffs to Hit Houston Energy Industry as the City Braces for a Fall from Job-Growth Leadership Position

HOUSTON – Layoffs will hit Houston’s energy industry in 2015 as lower oil prices dampen the economy in Houston, which is known as the Energy Capital of the World, according to the Greater Houston Partnership. West Texas Intermediate broke below $60 a barrel Thursday, closing at $59.95, the lowest level since 2009. In June, the price was above $100 a ... Read More »

Falling Oil Prices Prompt Downgrade of Cousins Stock

ATLANTA – A pair of REIT analysts have downgraded the stock of Cousins Properties because of concerns about the impact of falling oil prices on Houston’s office market. Houston is the dominant market in market in the portfolio of Atlanta-based Cousins (stock symbol: CUZ on the New York Stock Exchange.) Citing falling oil prices and exposure to Houston, a security ... Read More »

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