Realty News Report Notes Commercial Real Estate Outlook from the BoyarMiller Forum
By: Ralph Bivens, Realty News ReportDecember 22, 2014
The Realty News Report highlighted one of the industry experts from BoyarMiller’s Commercial Real Estate Forum on December 11th.
Houston Gains 125,000 Jobs – Best Job Growth Since 1981
Houston overall economy – and its realty markets have been showing incredible strength in 2014. Houston’s inventory of single-family homes for sale is near a record-low, only a 2.7 months supply. When the annual sales results are tallied Houston is expected to have more than 91,000 home sales this year – the highest sales total ever.
And the office market is tight. Houston’s huge Energy Corridor submarket, where 16 office projects are under construction, has a Class A vacancy rate of only 2.6 percent.
Houston’s industrial market is very strong and has a shortage of crane-served industrial buildings, says industrial developer Welcome Wilson Jr. of the Welcome Group.
“Low oil prices are temporary, and with the backlog of industrial activity in Houston, we can coast through it,” Wilson said at the recent BoyarMiller forecast breakfast.