HOUSTON--Lower oil prices may not have as severe an effect on the Houston commercial real estate market as previously thought. That's according to a recent report released by CBRE.

Fears of a broad-based decline are overblown, says the report, which finds that the degree of impact will vary based on the magnitude of change in employment, and by property type, with expected impact to the retail sector being negligible and the office sector, modestly negative.

"Retail real estate in Houston is best positioned among the CRE asset types, in the event of an extended downturn in the price of oil, due to limited new construction and a net consumer benefit due to lower oil prices," Spencer Levy, Americas Head of Research for CBRE, told GlobeSt.com.