CBRE assesses Harvey's impact on Houston CRECBRE assesses Harvey's impact on Houston CREhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=177302017-09-12T05:00:00Z2017-09-12T16:00:00Z

​​​​HOUSTON – Fewer than 40 office buildings—4.2 percent of the city's stock—suffered damage from Hurricane Harvey, according to a CBRE report. 

The majority of the warehouse and distribution center market weathered the storm without major damage. CBRE said to expect a spike in demand for warehouse space from building supply companies, charities, and consumer-goods distributers. ​

Most retail damage is limited to neighborhood and strip centers in the hardest hit submarkets. Still, displaced retailers looking for space face a tight market. Retail sales will increase, especially for vehicles, home-improvement goods, furniture, and appliances, said CBRE.

One of every six multifamily units in the area—up to 100,000 apartments—were flooded. Occupancy rates will rise, and concessions for new renters will be curtailed amid the rise in demand.

In other metros struck by hurricanes in recent years, hotel occupancy increased by an average of 15 percent for the four months following the storms. Texas stands to see a 4.4 percent gain in revenue per available room rather than the 3.5 percent that was previously forecasted.​

Houston-The Woodlands-Sugar Land
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