Oil downturn drags down Houston office, multifamily constructionOil downturn drags down Houston office, multifamily constructionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120932016-02-12T06:00:00Z2016-02-12T17:00:00Z

​​​​HOUSTON - Houston is still among the busiest cities nationally for office and multifamily development, but construction starts fell by double digits in 2015.

The Bayou City ranked No. 9 on a list of the top U.S. metro regions with the most construction starts for office and apartments by dollar volume in 2015, according to Dodge Data and Analytics.

Local developers broke ground on office and apartment projects worth nearly $4 billion in 2015. That represents a 28 percent drop from the nearly $5.6 billion in construction starts Houston saw in 2014.

In fact, Houston had the biggest decline in office and multifamily construction starts among the top 20 most populous cities in the country. 

Nationally, commercial and multifamily developers broke ground on $162 billion in new projects, up 8 percent year over year.

As energy companies announce bankruptcies, job cuts and budget reductions during the oil slump, apartment developers are stalling new project development.

Annual multifamily permitting in Houston fell 21 percent year over year this past December, according to Axiometrics Inc. 

​Houston and Washington, D.C., were the only two major cities among the top ten largest metros nationally with falling multifamily permitting.

The top ten cities for office and multifamily construction starts:
1.    New York City: $34.9 billion
2.    Miami: $6.3 billion
3.    Dallas: $6 billion
4.    Chicago: $5.9 billion
5.    Washington, D.C.: $5.9 billion
6.    Los Angeles: $5.8 billion
7.    Boston: $4.7 billion
8.    Seattle: $4.2 billion
9.    Houston: $4 billion
10.    Denver: $3 billion

Houston Business Journal
Houston-The Woodlands-Sugar Land

​Looking for more free data? Go check out Houston's Office Market Research for more information. Also see Multifamily Market Research!

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