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February 2, 2023

‘Just Go Away’ – Houston’s Office Woes Mean Some Buildings Could Be More Profitable As Parking Lots

Central Houston Inc., PA Hospitality, The Deal Co. & More On The Health Of Downtown Houston March 30
High interest rates, an inflationary environment and a looming potential recession will make this a difficult year for commercial real estate. According to speakers at Colliers' 2023 Houston Trends event, that means it is time to accept some unpleasant truths about the state of the market, including what's in store for older office properties in the city's central core.

‘Just Go Away’ – Houston’s Office Woes Mean Some Buildings Could Be More Profitable As Parking Lots

Colliers Houston President Patrick Duffy told a crowd of about 350 people at the Tuesday event a few things they likely already knew, like industrial is a top-performing asset class. But he also shared a few hot takes, including his opinion that some downtown office buildings could be more profitable as parking lots.“There are buildings…

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Thousands Jump At First Chance In 5 Years To Join Houston’s Public Housing Waitlist

Houston Housing Authority’s public housing waitlist reopened Jan. 15 for the first time since it closed amid an affordable housing shortage in 2018. Interest in the waitlist shows demand has not slackened since, according to HHA CEO and President David Northern Sr. “It has been tremendous,” Northern told Bisnow last week. “The first day was 6,000 people. And right now it is a little over 30,000 people who have applied. We had lines around the corner of individuals seeking opportunities to be a part of our programs.”

Thousands Jump At First Chance In 5 Years To Join Houston’s Public Housing Waitlist

The authority was able to work through some of the demand it got in 2018, placing enough people in public housing apartments, group homes and single-family homes to reopen the list.But the backlog hadn't cleared, with roughly 9,800 households already awaiting public housing in December, the Houston Chronicle reported. Before 2018, the last time the…

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BXP CEO Owen Thomas: Commercial Real Estate Is 'Currently In A Recession'

While macroeconomic indicators have shown mixed signals about whether the U.S. is entering a recession, the head of the country's largest publicly traded office landlord said the state of the commercial real estate industry is clearer. "Notwithstanding the running debate on whether the U.S. economy will experience a hard or soft landing, commercial real estate markets are currently in a recession," BXP CEO Owen Thomas said Wednesday morning on the REIT's fourth-quarter earnings call.

BXP CEO Owen Thomas: Commercial Real Estate Is 'Currently In A Recession'

The Boston-based REIT, which owns 54M SF of commercial real estate across 194 properties in six of the largest U.S. markets, is already feeling the impacts of that recession. Several of the company's largest tenants — including Salesforce, Google, Microsoft and WeWork — have been cutting costs in recent months by laying off…

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One Crisis Down And Another Dead Ahead: Fitness Real Estate Gets A Muscle Flexing Moment

One Crisis Down And Another Dead Ahead: Fitness Real Estate Gets A Muscle Flexing Moment   After suffering deadly blows at the height of the pandemic, the fitness industry has made a triumphant comeback. Now, as an economic downturn threatens its success, the industry that battled back from moribund status is acting as a crucial lifeline for retail real estate. But as owners and developers brace for a recession, many believe the sector is better set than most to withstand the impact.Fitness and recreational sports centers absorbed more than 12M SF in 2022, a 4.2% increase over 2021, according to data from CBRE. Annual visits for retailers within the industry rose more than 29% last year and were up about 14.5% over 2019, according to >

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