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HOUSTON (Houston Bisnow) – May 20, 2020 – Houston’s Energy Corridor experienced a major economic shock during the 2014-2016 oil downturn, when the energy industry shed more than 90,000 jobs and vacancy rates in that market went from around 5% to 21%, exacerbated by the delivery of new office inventory. Not fully recovered from the […]
HOUSTON Outlook – (Wells Fargo) Nearly 380,000 Houstonians have filed for unemployment insurance between March 21 and May 2. Sectors with the most claims include full-service restaurants, offices of dentists, temporary help services, department stores, and limited-service restaurants. Local claims will likely top 400,000 by the end of May. Houston’s unemployment rate will mirror the […]
UNITED STATES (CoStar) – April 23, 2020 – In the second month of the U.S. economic shutdown, commercial real estate buyers and sellers have canceled pending sales and contracts at a pace never before recorded by CoStar. More than 17% of deals that were scheduled to close in April were called off. The canceled deals […]
HOUSTON (Houston Chronicle-Nancy Sarnoff) – April 3, 2020 – The effects of the new coronavirus on commercial real estate will be long-lasting, as restaurants close, retailers file for bankruptcy and companies that occupy office space rethink their entire workplace strategies. Previous health-related downturns have been brief and followed by relatively quick recoveries, but the amount […]
AUSTIN (Texas Realtors) – March 31, 2020 – Today, Gov. Greg Abbott issued an executive order setting a statewide standard for essential services that may continue to be provided, including residential and commercial real estate. Read Gov. Abbott’s order that utilizes the U.S. Department of Homeland Security’s guidelines for identifying essential services, which includes real […]