Houston's commercial real estate expected to flourish in '11

At an annual breakfast to discuss the progress of the commercial sector of the Houston real estate market, representatives from some of the major real estate and development companies who deal with Houston properties expressed optimism for 2011.

Local real estate agent Ewing King lauded the industrial business Houston has hosted, stating, "Houston's strong, long-term outlook is expected to continue attracting retailers seeking to expand market share in one of the fastest growing metro areas in the U.S."

Despite a positive outlook by many for 2011, Brandi McDonald, managing director & senior vice president Tenant Advisory Services of Transwestern, was also optimistic about the market.

"Houston, related to its peer cities, is in strong position related to office space vacancy," McDonald stated, adding, "It's just not as bad as it could be. We've had a dip in vacancy, but not a big deal compared to 2003."

Overall, commericial real estate prices are improving nationwide. Moody's Investor Services stated in their US commercial report commercial property sales rose 1.3 percent in October compared to the previous month, and are 3.2 percent over year-ago levels.