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Houston Economy Looks to Buck Trends Again

HOUSTON-Market pros say the city will be an oasis of prosperity again this year. Its market strengths have put it into the top rankings of an upcoming national forecast.

By Connie Gore | Updated on December 28, 2007
Houston

HOUSTON-If market watchers and early reports are on target, Greater Houston’s 2007 momentum will remain unspoiled in 2008. The city’s 5.7 million sf of office absorption and industrial and retail performances have put it into the Top 10 rankings for three of four “strength forecasts” by Grubb & Ellis Co.

The snapshot is Houston is ranked second only to Los Angeles for office and industrial market strengths through 2012 and fifth place on the retail market strength forecast. The national analysis is due out this week.

“Houston is an oasis of prosperity right now,” says Rusty Tamlyn, senior managing director for Holliday Fenoglio Fowler LP in Houston. “There’s been good job growth, not much subprime exposure and good absorption. And, we’re being less impacted by higher oil prices.”

Tamlyn

The quiet 2007 close bucked the historical trend for a fast-paced, high sales volume Q4.”It went gangbusters and then trailed off in the fourth quarter,” Tamlyn says. “Everyone’s had a good year and there is not this mad rush for year-end closings. There’s no reason to cram them in.”

Ariel D. Guerrero, Grubb & Ellis’ client services manager for Texas, acknowledges there’s been a slowdown. But like Tamlyn, he says there’s nothing to worry about. “We anticipated a slight slowdown,” he says.

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