New Report Names Houston Top Sell Market For Office Real Estate
It is time to sell your Houston office portfolio, according to Ten-X, a leading online real estate marketplace. Its latest report names Houston the nation's top market where investors should consider selling their properties. A slight increase in oil prices has failed to translate to a rebound for Houston’s floundering economy, the report said, as energy sector payrolls are down 22% from their prior peak and overall unemployment has risen to 5.1%.
A heavy infusion of supply into the office market has been pushing vacancies up since 2013, and with nearly 5M SF of new space hitting the market in 2016 and additional completions in the coming years, the city’s vacancy rate will approach 20% by 2020. Per Ten-X research, NOIs will grow just 0.9% through 2018.