The Houston CRE Market in Hurricane Harvey’s Aftermath
September 15, 2017 | Timea Papp | Commercial Property Executive
Houston and the surrounding Texas Gulf region are not unfamiliar with hurricanes, tropical storms and floods, with more than eight severe weather events impacting the Houston metro area since 1998. Hurricane Harvey struck the area on August 25 and dumped more than 50 inches of rain in a matter of days. The Category 4 storm was the strongest to hit the region since 1961. The subsequent flooding caused massive damage to office, industrial and retail assets, particularly affecting residential properties. CBRE’s extensive report highlights the magnitude of Harvey’s consequences on the Houston real estate market.
Hurricane Harvey’s impact has effects on a national level as well, beyond the Greater Houston area. Most refineries along the Texas Gulf Coast have restarted operations, while Port Houston, the largest U.S. port in foreign tonnage, reopened on September 1 after being closed for four and a half days. CBRE Research estimates an increase in gas prices of about $0.08-$0.10 in the upcoming months.
