HOUSTON—Talk to anyone with knowledge of Houston commercial real estate and all conversation points to the elephant in the room -- the price of oil and how it will affect the city's once-boffo development scene.
Louis B. Cushman, vice chairman of Cushman & Wakefield Inc., couldn't agree more.
“The economy in general and virtually all segments of the real estate market are hugely challenged by the energy industry and the downturn in crude oil pricing,” Cushman recently told GlobeSt.com. “As the 'Energy Capital of the World,' the impact is reverberating throughout all sectors of the economy that feed off the oil and gas industry, with varying degrees of hurt to be felt over the next 12-18 months.”
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