Houston developers and forecasters are burning the midnight oil trying to figure out ways to fill nearly 10 million square feet of commercial space, which might be the only positive impact for the real estate market in Houston given crude oil's current $40-per-barrel price tag. Industry leaders gathered to discuss the current state and future of commercial real estate in the Bayou City at the March 29 RealShare Houston conference. While the long-term outlook for Houston's commercial landscape was generally good, panelists did acknowledge that it's currently in a depressed state. This, despite what some may say about Houston relying on oil so strongly, could be a direct reflection of the current crude price. A CBRE Group market report issued in March revealed "almost 6.8 million square feet of new product will deliver in 2016, adding another 3.3 million square feet of vacant space." It went on to say that Houston's office space availability will be 21.3 percent, a number not r...
- 10 million square feet of commercial could be available by the end of 2016
- Low oil prices have drastically affected new construction and development
- Retail space occupancy reached a record-high of 93.9 percent