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.