Like most major cities, Houston has had its fair share of market cycles. However, this most recent decline in the local economy’s growth rate that was caused by a steep drop of oil prices put a heightened level of stress on the Houston office market.
Fortunately, the energy sector has turned the corner, and, paired with the ever-diversifying economic base, the Houston economy is buzzing again. As such, Houston’s population and job growth have translated into early signs of improvement in office market fundamentals.
As Houston continues to create jobs, improved health of its real estate markets will follow. The office sector is on the mend, and property fundamentals across Houston are improving. Thanks to an ever-evolving economy and a stabilized oil and gas industry, these upward trends should continue for the foreseeable future.