NAI Partners: Steady Growth in CRE
A year or so ago, Houston was just coming up from the bottom of the fallout that occurred with dropping oil prices. Sublet office space was plentiful, while development ground to a halt. It was definitely a tenant market when it came to Houston commercial real estate, at least on the office side.
A year later, the Houston metro is rebounding and, according to NAI Partners experts at the company’s Q3 2017 breakfast meeting, things are improving. On the office side, Griff Bandy pointed out that the available sublease space fell below 10 million square feet for the first time in about two years.
Holden Rushing pointed out that industrial is becoming attractive for distribution; leases at 500,000 square feet and above are more common. Jason Gaines indicated that retailers have been reacting nimbly to consumers’ rapidly changing tastes when it comes to consumption and acquisition of food, goods and entertainment.
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