Houston's Slowdown Has Perks
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Oil prices have dampened Houston's economy and are affecting commercial real estate, but experts at recent luncheons say there are upsides. Speaking at CoreNet this week, Transwestern's Michelle Wogan and Colliers' Pat Duffy discussed the rising amount of sublease space on the market, according to Realty News Report. Michelle says it'll create opportunities for tenants to get deals, and she's not worried about it killing our office market—we just had a record 6.4M SF of absorption in 2014 and the sector is strong. Over at the West Houston Economic Development Summit, Camden's Ric Campo says the economic softening will lower construction costs, ease labor shortages, and provide more options to tenants across property types, the Chronicle reports.