Colliers: Houston office market hit by oil prices, HarveyColliers: Houston office market hit by oil prices, Harveyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=180652017-10-13T05:00:00Z2017-10-13T16:00:00Z

​​​HOUSTON – The local office market continues to struggle as U.S. crude prices waiver around $50 per barrel, reports Colliers International in its third quarter 2017 market update. Hurricane Harvey didn't help matters.

"With no indication that [oil] ​prices will rise substantially over the next few years, vacant office space placed on the market by firms in the energy industry will take longer to absorb," the report said.

Meanwhile, although much of Houston quickly got back to work after Hurricane Harvey, Colliers said the storm had permanent ramifications for others.

A joint industry survey confirmed that less than 7 percent of Houston’s office inventory suffered damage. Of that amount, approximately 45 percent were repaired and back on-line within the first month. An additional 30 percent reported repairs to be completed by the end of the year and the remaining properties were so severely damaged they could not report a time frame for repairs.

Colliers International
Houston-The Woodlands-Sugar Land
http://www.colliers.com/en-us/texas/houston/marketreports/office_report/2017q3Read more at {Source}

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