US Office Market Report: Energy-Driven Markets Power Office Absorption

by CoyDavidson on February 16, 2012

North American Office Highlights – 4Q 2011

The Energy industry has played a significant role in the economy’s gradual recovery. The new Colliers office market report shows that energy markets contributed a disproportionate percentage of total national office absorption in the last year. We expect the dynamics of the energy industry to have a growing impact on all types of commercial real estate in the coming decade.

Office Leasing Leaders in U.S. and Canada are Energy Cities

  • Houston, an international leader in oil and gas technology, contributed 8.1 percent of total U.S. absorption in 2011, more than any other market— despite the fact that Houston only accounts for 3.4 percent of the national office inventory.
  • Dallas / Fort Worth, the home of Exxon Mobil and several other Fortune 500 energy companies, was the second-largest contributor to national absorption.
  • In Calgary, the heart of Alberta’s oil and gas industry, the overall vacancy rate dropped from 11.97 to 4.49% in a single year. While Calgary makes up only 14.7 percent of the total Canadian office market, it contributed a remarkable 39.7 percent of total absorption last year.

Previous post:

Next post:

Disclaimer: All blog entries on this site are the opinion of the author and not those of either Colliers International - Houston or Colliers International (collectively, "Colliers"). Colliers neither endorses, sponsors nor necessary shares the opinions of the author, regardless of whether any blog is posted by any employee, officer, agent, or representative of Colliers. Colliers has not authorized or verified any statement of fact made in a blog, and any such statement does not constitute a statement of fact by Colliers. Colliers is not responsible for the monitoring or filtering of any blog, nor does Colliers claim ownership or control over any blog content.