CBRE & NAI Partners: Office Space Weathered Harvey

The Houston area has begun the recovery process from Hurricane-turned-Tropical-Storm Harvey. NAI Partners and CBRE Inc. have issued their preliminary reports on how the extensive flooding impacted office products in and around the Bayou City.

NAI Partners’ preliminary research targeted 60 office properties within 53 miles of the Buffalo Bayou corridor, one of the more hard-hit places. Of the 32 responses, 25 indicated that their properties had been flooded. “Some of the buildings in our portfolio lost power due to flooding in the basements, where critical equipment was located,” noted one respondent.

Meanwhile, CBRE’s initial assessment noted that out of the 1,200-building, 214-million-square-foot office inventory, fewer than 40 buildings, totaling nine million square feet, had some level of damage. Tenants in those buildings are anticipated to return to their original locations as soon as early October 2017, the CBRE report noted.

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