The local economy has diversified significantly in recent years, though low oil prices will present challenges during 2015 and apartment operations will soften in the months ahead, according to Marcus & Millichap's first quarter 2015 apartment market report.
"How much low oil prices will affect the market depends greatly on where they stabilize and how long they will remain at that level," the report said. "Global layoffs have been announced by some of the metro's largest energy companies, including BP, Shell, Schlumberger, Baker Hughes and Halliburton. However, the direct impact on Houston remains unclear.
Read more...Houston Multifamily: Low Oil Prices Present Challenges via Real Estate Center at Texas A&M
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