Commercial real estate is in trouble here in Houston. Without any stimulus, many hotels, retailers, and office buildings are having trouble paying their property bills.
Now, the greater Houston area is dealing with a slew of offices vacancies.
Houston still has lots of empty space. Office space is the most apparent, but industrial and retail space is also freeing up across our area as businesses downsize or shut their doors permanently.
“It’s kind of a twofold thing. The big corporations, the big oil companies, are finding that they don’t need to have a space for all their employees now that they realize they can work from home. So they’re going to be cutting back on their space,” Michael Weaster, with Graham and Company Realty Group, said.
He adds that's also a trend across the state and the nation. One positive: local house building has stayed strong in part due to low interest rates. However, Weaster says businesses will need help from the government so their (already patient) landlords don't kick them out.