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Q1 2020 | Houston Office | Research & Forecast Report

eTradeWire News/10563044
Houston's office market weakens over the quarter and braces itself moving forward amid $20 oil

HOUSTON - eTradeWire -- Commentary by Patrick Duffy, MCR | President | Houston

Colliers generally uses this space to discuss the trends we see in market data and in conversations we have with our clients, prospects and friendly competitors. We take that data and attempt to project activity going forward. The bulk of the first quarter was, for all practical purposes, pre-COVID. Net "move-in" data, as well as new leases signed, were likely unimpacted for Q1 based on the virus or only marginally impacted. Our industry has a lead time of at least 4-6 months before a lease is signed or space made ready for occupancy. The real impact of this COVID crisis will not present in the data until later in Q2. Inertia will carry us for a few more weeks.

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The world is focused on the COVID driven economic slowdown. Houston has two issues to watch – COVID and a collapse in oil prices. The oil issue is driven by Saudi Arabia and Russia failing to reach an agreement on production and by the severe decline of oil and gas demand driven by the COVID shutdown. Oil has been in the low 20's since the collision of these two events. The Energy Information Administration is projecting... To read the full report, click here: https://www2.colliers.com/en/Research/Houston/Q1-2020-Houston-Office

Lisa Bridges | Director of Market Research

Source: Colliers International | Houston
Filed Under: Real Estate

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