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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

[IMGCAP(1)]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.”

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