Epstein: For at least the near term, the lingering effects of Harvey's damage will likely reverse the supply imbalance and anemic rent growth that the metro area has been experiencing over the last few years. Some multifamily developments under construction were stalled because of damage, restricted access, temporary loss of utilities, or lack of labor or materials for repairs. Many existing properties have seen additional leasing activity and some have reduced or removed concessions altogether.

GlobeSt.com: What about investor demand for multifamily properties–has that been impacted?

Epstein: It has actually increased. Our listed properties are getting more offers and better quality offers. Institutional buyers have returned to the buyer pool in Houston and offers for strong class-A properties have become more aggressive. We expect this trend to increase as listed properties become more desirable to buyers due to rent growth, higher occupancy, stabilized oil prices and robust job growth throughout Houston.

GlobeSt.com: Do you see multifamily development shifting away from certain areas or submarkets and into other areas?

Epstein: Multifamily development can be expected to stay clear of recently flooded areas due to the unexpected release of water from reservoirs. However, these areas do not represent a sizeable percentage of land considered for development. As the Houston construction pipeline is absorbed, demand will increase in submarkets with strong occupancy and rent growth trends, as we've seen in previous cycles.

GlobeSt.com: What do you think of the newly released Downtown Houston Plan, an ambitious plan envisioning a greener, denser, more walkable downtown by 2036?

Epstein: It represents a very positive step, focusing on long-term transportation solutions like autonomous buses and bicycle corridors that will make downtown Houston a better place to live. One thing I think is missing from this 20-year vision is the role of the Houston MetroRail. Currently, the MetroRail is limited to three lines covering Downtown, Midtown, the Museum District, Texas Medical Center, Moody Park and the Northline Transit Center/Houston Community College. The role of fixed rail in the future of downtown Houston will be an important topic for government planners and industry leaders to address. If MetroRail is not expanded, it will be difficult for commuters and travelers to embrace a system that is not intermodal. Rail links to Houston's major airports, and a bullet train connecting Houston to Dallas would make downtown Houston the center of Texas commerce, tourism and entertainment.