Houston: The Houston office market is showing impressive growth signs with sustained to increased activity backed by a diversified, stable economy. Houston is one of the top-performing office markets in the country, if not now leading the country (at least from a pure corporate expansion standpoint), mainly as a result of the economic livelihood and energy focus of the area. Houston's economy is thriving, and the city's employment figures are increasing, especially for high-paying industries. Growth is occurring from existing energy-related firms, such as BP and Plains All American. Firms such as Nexen Petroleum U.S.A. are also opting to relocate to Houston due to the energy epicenter that exists within the region. Tenants remain active and continue to canvass the Houston market for high quality spaces. Until new buildings are delivered, and as quality availabilities diminish, concessions will continue to dry up and effective rates will increase in Houston's strongest submarkets.
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