Houston Office Space: Working Through a Market Slow Down
February 17, 15
If you're looking for Houston office space or you have some available for lease, you're likely wondering what impact of the plunging oil prices will be. According to a recent article from Bloomberg, it depends on the industry you're in.
Companies who are dependent on the energy industry may be more likely to put new projects on hold and stay where they are rather than risk expansion, the article stated. The longer the price of oil is low, the less comfortable companies are going to be with talking to potential tenants about their big project and expansion plans. The areas most likely to be impacted negatively by lagging oil prices, the article noted, include the Energy Corridor, the Woodlands, and Westchase.
The lower oil prices aren't bad news for every industry, however, as they result in decreased gas prices, which allow consumers to have a bit more money in their pockets and available for other purchases. The slowdown may make office rentals available that previously weren't, as energy companies seek out tenants for the space they've already built or that was in the works when the slow down began.
There's no real way to say how the oil market will impact the city as a whole, but it's a good time to explore the possibilities and to continue your plans to find an appropriate office space for your business in Houston or to lease the space you have. With years of experience and a flourishing network, LandPark Commercial would love to help you navigate that exploration. For more information on our office leasing services, contact us.