HOUSTON—The short- and long-term effects of Hurricane Harvey are certainly the biggest story of the third quarter. Many Houston office tenants were displaced, with the most notable damage occurring along Buffalo Bayou between the reservoirs and downtown, including the Energy Corridor, Riverway and along Allen Parkway.
“There are some class-A buildings that are not yet back open, including the AIG campus, which will probably not reopen until the end of the year,” Noah Kruger, managing director of Savills Studley, tells GlobeSt.com.
At 28.4 %, the region's high availability has presented displaced tenants opportunities for temporary space, and most tenants are expected to return to permanent space by year's end, according to the third quarter office market report from Savills Studley.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
