You may find that office expansion and leasing activity is stalled in many major cities. Yet, in the Houston real estate market, things are buzzing, and Houston commercial real estate is looking great.
Why is Houston so different from other large cities? And why is the Houston commercial real estate market a hot commodity these days? Well, the answer is quite simple: it’s all about oil.
Major Job Gains Realized
A rise in oil prices, coupled with a shale exploration boom, has made Houston the first major city in the region to see jobs regain the losses experienced during the recession. In fact, Houston added nearly 76,000 jobs in 2011, and it is expected, according to the Texas Workforce Commission, that new jobs may total in the tens of…