Real Estate Close-Up: Houston Thrives

The Washington Times reports on Houston:

The city created about 55,000 jobs in the first eight months of the year and its unemployment hovers around 5.1 percent, compared to the nation's 6.5 percent. Five of the 10 fastest-growing companies are based in Houston, Fortune magazine reported this year, and all of them are related to the energy industry, most notably Atwood Oceanics and DXP Enterprises.

The office market posted a healthy 11.8 percent vacancy rate in the third quarter, according to CB Richard Ellis Inc., compared with a national vacancy of 14.1 percent. More than 608,000 square feet of space were absorbed during that time. Office rents are sitting at all-time highs of $23.38 a square foot with downtown rents rivaling those of major business districts in the nation.

Meanwhile, the industrial market's availability rate dropped to 7 percent, versus the national rate of 11.4 percent. About 2.4 million square feet were occupied in the quarter, the 22nd straight quarter of positive absorption.

Houston is on the rise.