Categorized | Residential

Houston Real Estate Eyes Recovery

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The commercial real estate sector in Houston has shown impressive signs of growth in the past few months. It looks as if the city will soon see office expansions and commercial real estate development throughout the upcoming year.

The commercial real estate growth that is taking place in Houston is largely due to the booming energy industry. Oil prices have increased, and there has been a boom in shale exploration. As such, the city has regained every job that is lost during the recession, and will likely add many more throughout this year.

In the last year alone, nearly two million square feet of commercial real estate was purchased. That number looks to grow even larger this year, as companies like Exxon Mobil look to expand their offices even further.

Part of the growth can be attributed to companies looking to take advantage of deepwater drilling and shale drilling opportunities. Companies such as Nexon, a Canadian energy company, have opted to relocate to Houston to take advantage of the drilling possibilities.

Office costs have seen significant improvement in the last twelve months, increasing from fifty-eight dollars per square foot just two years ago to two hundred and twenty-four dollars per square foot last year. One of the most recent commercial building sales in Houston went for a record five hundred and twenty-four dollars per square foot.

With job growth on the rise, there is no doubt that Houston will be home to one of the fastest growing and strongest housing and commercial real estate markets in 2012.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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