HOUSTON—A joint industry survey confirmed that less than 7% of Houston's office inventory suffered damage after Harvey. Of that amount, the majority have been repaired and back in operation, with a handful of buildings still undergoing repair.
Beyond Harvey, after three years in an economic energy slump, Houston's office market is ready for a boost. Recent news indicates that some of the large energy giants reported profits in the fourth quarter, however, profits were largely driven by continued lean budgets and staff reductions.
Still, the Houston MSA created 48,500 jobs (not seasonally adjusted) between November 2016 and November 2017, an annual growth rate of 1.6%, which is above the national average job growth rate of 1.5%, according to the US Bureau of Labor Statistics.
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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.
