HOUSTON--(BUSINESS WIRE)--Houston’s suburban real estate markets are riding strong momentum into 2015 despite the steep drop in oil prices, according to Houston-based Deal Sikes & Associates, one of the nation's leading real estate valuation and counseling firms.
“A shift has occurred and suburban Houston will be the focus of growth this year as the city’s Inner Loop realty markets grapple with less favorable conditions,” said Matthew Deal, principal of Deal Sikes & Associates. “Houston’s suburbs will see healthy single-family development and new retail centers. The exceptions are the multifamily and office sectors, which have delayed their construction cycles.”
“Suburban Houston will receive an additional boost from lower gasoline prices,” Deal said. “Long commutes from the suburbs seem less daunting when gasoline is at $2 per gallon and that should contribute to suburban home sales.”
Oil prices have dipped to $50 a barrel, down from more than $100 per barrel last summer. Some energy firms are reducing work forces.
“Multifamily and office construction are taking a pause in 2015, particularly in the Inner Loop and Energy Corridor where new development has been robust,” said Mark Sikes, principal of Deal Sikes & Associates. “However, Houston is still adding new jobs and population and that growth will support suburban real estate. Home builders and retailers are still trying to catch up with the previous years’ surge in Houston’s growth.”
Deal Sikes & Associates, based in Houston, provides real estate valuation and counseling services for commercial real estate transactions, estate tax planning, due diligence research and litigation support. Deal Sikes & Associates provides real estate counseling and valuation services for governmental agencies, real estate companies, law firms and corporate clients across the nation. www.DealSikes.com