HOUSTON POSITIONS ITSELF FOR A MODERATE RECOVERY
CB Richard Ellis Releases Second Quarter ‘09 Industrial Report
Houston, Texas - July 7, 2009 - (RealEstateRama) — According to CB Richard Ellis, the Houston industrial market remains stable. Absorption in the first quarter posted 207,123 square feet, ushering the mid-year absorption to a negative 118,827 square feet. While 888,505 square feet of new construction was delivered in the second quarter and, 3.4 million square feet are currently under construction, financial constraints continue to leave developers digging for capital to complete multi-tenant speculative properties.
Rail-served properties are seeing an increase in activity due to the rise in transportation cost and traffic congestion. The much-anticipated 2014 completion of the Panama Canal is predicted to triple freight tonnage at the Port of Houston, according to Moody’s Economy.com. In addition, the Canal’s expansion will make way for larger vessels that will not only increase cargo traffic along the Houston Ship Channel, but also the need for improved logistics and rail.
Houston’s energy industry continues to keep employment statistics at the top of many lists. The Texas Workforce Commission reports the Houston Metropolitan Statistical Area (MSA) gained 800 jobs in the month of May, although year-over-year the area has lost 53,300 positions.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services;property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com
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