Representatives from StoneBridge, Jones Lang LaSalle and Trammell Crow say the industrial market in Houston is generally pretty stable — when compared to other markets around the nation.Î¾ Market activity is significantly slower than two years ago, but Jim Casey with Trammell Crow says the outlook for resumed growth in the next year or so is good.Î¾
"Houston is a very pro-business climate.Î¾ We have a lot of diverse set of drivers in the industrial market — the port, the Medical Center, the airport, oilfield services, all those different things that, all of them combined, produce a pretty diverse and large industrial market that I don't see that it would lag the country in recovery at all."Î¾
Casey says economic indicators are watched closely by the property sector.
"If you were to boil it down to one key parameter, it's job growth.Î¾ Because the job growth produces absorption, and if there's positive absorption in the market of space, then the market remains healthy and will resume growth when it makes sense to.Î¾ I mean, there's obviously vacant space in the market that is a reasonable amount that we'll need to get absorbed and investors to get confident in the market and its expected growth outlook to justify building more space."Î¾
Casey says Houston has its own version of the recession, although job losses and other factors haven't been as intense.Î¾ Ed Mayberry, KUHF Houston Public Radio News.