Unlike past energy booms(that quickly went bust), oil shale is being fed onsolid technological advances that support long-term growth, says CBRE'sMichael Elliott, wholeads its mountain states regionoil and gas field service team. "You cant really call it a boom or bust. This is a long-term play. The difference is now we have the technology available toextract oil and gas. Clients are bringing him to very rural--and often undeveloped--sections of the US to start office buildings and other facilities where there was maybe one traffic light beforehand. In oil shale [territory], there are markets where there is0% vacancy and housing is always an issue, he says. Currently, Mike is helping an unnamed oil companydevelop a 50k SF build-to-suit in North Dakota.
Journey or destination? Telljarred@bisnow.com.
