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Business

Thursday AM January 13th, 2011

Another positive sign for the local economy — commercial real estate expects to pick up in the year ahead. Andrew Schneider reports.

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Building for saleRising oil prices are boosting the outlook for energy companies. Jay Nowlin of Nowlin Interests says that will pay off for Houston commercial real estate.

“With oil above eighty dollars, we’re seeing some growth. Most of the corporations have really healed their balance sheets. They have a lot of cash, and they’re starting to reinvest in their business and grow. So we expect to see some hiring in the energy sector, and most of those tenants are going to go into Class A buildings.”

Nowlin says that Houston is getting off relatively easy. Commercial real estate markets in Southern California, Phoenix and especially Las Vegas will take years to recover. He says that despite the higher demand for office space in Houston, rents will stay relatively flat over the coming year.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew Schneider is the senior reporter for politics and government at Houston Public Media, NPR's affiliate station in Houston, Texas. In this capacity, he heads the station's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments...

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