CBRE: Houston shows resilience in face of Harvey | CBRE: Houston shows resilience in face of Harvey | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=17707 | 2017-09-08T05:00:00Z | 2017-09-09T01:00:00Z | HOUSTON – CBRE's latest report, Houston CRE market shows resilience in face of hurricane Harvey, has been released.
Below is a glimpse of the report:
Houston’s land market is dominated by retail, industrial and single-family development, as the office and multifamily sectors were over-supplied prior to Harvey. Commercial land:
Northwest Houston will remain the desired industrial land choice, and vacant commercial sites in the Port Houston area will be even harder to find.
Single-family residential:
From a single-family residential perspective, land prices will be tested as increases for construction and labor rise. More than 73,000 National Flood Insurance Program claims have already been submitted and $13.2 million in advance payments have been issued.
Displaced homeowners likely will lease Class A multifamily units and developers may look for sites to develop sooner than previously anticipated.
Infrastructure:
In addition, new development requirements for flood control and water drainage will likely be imposed on new, large single-family land tracts despite existing drainage requirements for new subdivisions, such as detention ponds, curbs, gutter drains and levees.
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