HOUSTON—No one knows exactly what the price of oil will do in the next year, but one thing is for sure: The Houston commercial real estate market will take a direct hit if the price of crude keeps falling.

While more than 80 buildings and some 18 million square feet of office space under construction in the city last year – according to a recent Wall Street Journal report – all of that could change in 2015 if some energy companies make cutbacks as the current optimism in the market recedes.

“Landlords are watching the price of oil and hoping for a rebound sooner than later,” Mark O'Donnell, executive vice president and co-branch manager of Savills Studley Houston, told GlobeSt.com. “If oil stays down for 18 months or more, landlords will struggle. Many tenants are looking to reduce overhead and opportunities to reduce real estate expense are increasing. Concessions and opportunities for tenants will growth over time if oil stays down.”