Aftershock of the Oil Downturn….

Houston’s office market continues to recover from the aftershock of the oil downturn. Things seem to have turned a corner; the metro has absorbed 2,795,107 SF over the past year, the highest absorption rate seen in several years’ time.  Although Houston’s economy had diversified substantially in recent years, the city’s office market remains strongly tied to the performance of the energy sector. Oil prices climbed from a bottom of $26/barrel in February 2016 to a high of $75/barrel in October 2018, before falling to around $50/barrel as of 19Q1.

2018 - Costar Report 4th Qtr 2018