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Shell’s Departure and the Future of Downtown Houston’s Office Market: Q&A with Paula Bruns

Houston’s office market has seen better times.  Affected by the downturn in the energy market, more office space is chasing fewer tenants.  Several weeks ago, one of the global energy giants, Shell Oil, announced plans to leave downtown for its suburban facilities — Shell’s Woodcreek Campus and the Shell Technology Center. Shell had been an anchor in downtown Houston for ... Read More »

Bivins Reports from the JLL Gensler Energy Forum in Houston

(By Ralph Bivins) HOUSTON – Persistent weakness in the energy industry continues to challenge the Houston office market where the supply of sublease space has reached 12.2 million square feet, according to JLL. The vacancy rate in Houston’s Energy Corridor area climbed to 25.7 percent in the third quarter and that submarket had 432,000 SF of negative absorption, JLL reports. ... Read More »

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 »

Overbuilt? The Highs and Lows of Houston’s Apartment Market: Q&A with CBRE’s New Multifamily Group Leader

HOUSTON – Throughout the city, apartment construction is on the rise.  At the beginning of the year, Apartment Data Services reported 102 apartment complexes under construction — 28,969 units — and another 16,000 units in 56 communities proposed. The new construction occurs as Houston’s diversified economy is recovering. While oil prices have increased over the past several months, energy prices ... Read More »

United Airlines Centre: Coming Soon to Houston Skyline?

HOUSTON – While it’s under construction, Hines’ new building in downtown Houston has been called by its address: “609 Main at Texas.” But it’s been assumed that when a huge tenant comes along, the name of the tower will be a part of the lease deal. A United Airlines spokeswoman stated last week that the airline will be a tenant ... Read More »

Sublease Supply will be Over 10 Million SF Soon: Oil Companies Shedding Office Space in Houston

HOUSTON – The Houston office market is headed into a rough year. Houston’s energy companies are shrinking and at the same time 22 office buildings are under construction. “It’s pretty bad out there. I’m not going to sugar-coat it,” said office tenant representative leasing broker Brandon Clarke, senior vice president of CBRE in Houston. “Houston is a down market right ... Read More »

Inside the Loop: The Q&A with Mark Davis of Davis Commercial

HOUSTON – With “one of a kind” specialty retailers like Cheeky Vintage, Found, and Kuhl-Linscomb, Houston’s “inside the Loop” retail scene is thriving.  Virtually any time of day, the region is buzzing with shoppers who are partaking of the area’s eclectic shops and restaurants.  What makes the inner city scene so exciting?  What about the ever-changing shops along lower Westheimer?  ... Read More »

Q&A with David Songy, Developer of Two New Hotels in Houston’s Galleria Area

HOUSTON – Showing its confidence in the Houston lodging market, Atlanta-based commercial real estate firm Songy Highroads, LLC has opened not one but two hotels in the city over the past several months. The properties – the 325-room Hyatt Regency Houston Galleria and the 157-room, select-service Hyatt Place Houston Galleria, are part of a 7.6-acre mixed-use development. On strong a ... Read More »

Oil to Rebound to $70 a Barrel by Year-End, Houston Oil Analyst Predicts

HOUSTON – A leading energy analyst predicts the price of oil will surge to $70 a barrel by the end of the year, a sharp increase that offers hope to the shaky energy industry. In a speech before a crowd of 400 business people at the Houston Country Club Tuesday night, Brandon Blossman, managing director of research at Tudor Pickering ... Read More »

Home Market Soft in Midland in the Oil-Rich Permian Basin of Far West Texas

MIDLAND, Texas – Falling oil prices have walloped the single-family market in Midland, located the oil-rich Permian Basin of far West Texas. Residential foreclosures are up 40 percent over the last year and the inventory of homes for sale in Midland has more than doubled from 399 homes at the end of 2014 to 885 listings today, according to ProTeck ... Read More »

Oil and Houston’s Office Market: Q & A with Bob Parsley of Colliers

For more than three decades, Bob Parsley has been involved in all phases of the commercial real estate business.  A native Houstonian, he has an undergraduate degree from the University of Virginia (College ’76) and the University of Texas Law School (JD ’79).  He joined Colliers in 1983 where he is currently the co-chairman and one of the company’s principal ... Read More »

Falling Prices Hurt Houston Home Sales, But 2015 was the Second-Best Year Ever

HOUSTON – Last year was second-best year for home sales Houston, where a decline in the energy industry has battered the region’s economy in recent months. According to the Houston Association of Realtors, 73,724 single-family homes were sold last year, down 2.4 percent from the 75,535 homes sold in 2014. Inventories had been tight and Houston’s job growth had been exceptionally ... Read More »

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