Although growth in Houston's commercial real estate market is not rapidly climbing, positive 2010 trends, including higher sales volumes, the acquisition/purchase of properties as investments, better than expected occupancy rates and accessible owner/user financing, all point to better times ahead.
According to Ron Roberson, Caldwell Companies' executive vice president, patience and a reassessment of how business relationships are developed will benefit the industry as it rides the slow wave to recovery.
"Unfortunately, it doesn't appear that the market will rebound as quickly as it fell in 2008-2009. However, it is continuing to improve," said Roberson. "I believe the worst is behind us and the good times are not gone for good. Tough economic times can make us all better at what we do. We can be more efficient, put in more effort, and better appreciate the victories."
The market landscape has certainly changed from the unprecedented growth of 2004-2007 when companies were expanding, hiring new employees, more easily accessing credit and increasing distribution centers, Roberson said. Commercial real estate occupancies were sky-high and new development boomed.
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