Houston, TX -- (SBWIRE) -- 01/05/2012 -- The Houston real estate market is poised to continue its growth, with the energy sector driving most of the pace. With this market expected to regain the majority of jobs lost during the recent economic downturn, the outlook, especially for office properties, appears to be positive.
Houston-based O’Connor & Associates hosts a monthly real estate forecast event, which provides a forum for sharing the most up-to-date trends and outlooks in a variety of commercial land uses including retail, office, apartment, industrial, hotel/lodging and land. Speakers include many of the most active and knowledgeable professionals in the real estate industry and reflect O'Connor & Associates' commitment to excellence in providing real estate information.
In January 2012, John Pruitt of CBRE will speak on the outlook for office properties in the Houston area. John has been with the firm for more than 26 years and has specialized in representing landlords in the leasing of office buildings. As an office building leasing specialist, John has successfully closed office lease transactions value at over $1.5 billion. In his current position as Senior Vice President of Brokerage services, John and his team focus strategically on leasing and sales of office buildings in Houston.
Houston’s position as the top employment generator of 2011 has seen over 2.5 million square feet of office space being absorbed in the past year. The Houston market has seen positive absorption in recent consecutive quarters. According to oconnordata.com, occupancy at the end of the Third Quarter stands at over 83% overall, with rents averaging $19.40 per square foot. Class A properties have been performing significantly well, with rents showing significant upward movement. John Pruitt will talk about what 2012 is likely to mean for office properties in the current economic climate.
O'Connor & Associates is a real estate service company in operation since 1974. O'Connor & Associates is the largest independent real estate research and support services firm in the Southwest, conducting business nationwide. The firm specializes in real estate market research, providing reliable market data, market data and consulting. The company provides in-depth information on office space for leasing through its comprehensive database called oconnordata.com.