Spring has sprung with full force, and as we roll off the first quarter of the year, we continue to monitor the current condition of Houston’s energy sector and its effect on the commercial real estate marketplace. Given falling oil prices, there has been a slowdown of growth and a number of fundamental business changes, particularly in the office market.
The recent changes in the business environment, including deferred capital commitments, shorter term leases, and more space availability, reflect the general decrease in demand for commercial real estate and industry projects. Additional changes to note include enhanced lending requirements or at least added scrutiny for the loan underwriting process. Investment criteria is also changing as a direct result of investor confidence, perception of values and those related risk/reward decisions. We are fortunate that Houston and its surrounding areas have outperformed the rest of the nation in the last few years, and despite the changing market conditions, remains a relatively healthy market at present. We will stay in tune with the current market conditions and proactively work to adapt and adjust marketing strategies in advance for our clients. This approach will ensure we continue to achieve maximum value on their behalf.
We are excited to highlight an abundant and diverse array of featured properties for sale and/or lease. Most notable is the construction of Havenwood Office Park, which replaces the former Brookhaven Business Park at 25700 I-45 North with a 250,000- square-foot, LEED Silver Certified, Class A office space.
We also have continued to grow in response to the robust marketplace activity, adding two new associates—Sean Durkin and Neal King—to our team of professionals.
Whether you are a commercial property owner, developer, investor or tenant, we invite you to learn how we combine our commercial real estate expertise with cutting-edge marketing and advisory services to help you achieve your goals. We encourage you to contact our team of qualified professionals at 281-367-2220 or visit our website at jbeardcompany.com.
–Jeff Beard, CCIM
President of The J. Beard Real Estate Company
