Study: Houston Tops Global CRE Markets

The CoStar Group recently reported that commercial real estate sales in secondary markets have been on the rise during the first quarter of 2011. Sales have increased 127 percent in Minneapolis, 108 percent in Dallas, and 89 percent in Denver. According to the report, the increase in interest and popularity is the result of more available credit and significant price increases in primary markets such as New York, San Francisco, and Washington, D.C.

New York alone saw its office prices rise 33 percent, while Washington, D.C., experienced a 21 percent increase quarter-over-quarter.

Houston, the nation's fourth largest city, has used its job availability and surging population to attract investors. The city's real estate market for commercial properties experienced the most growth of any city this quarter, which helped to create roughly 31 percent of the nation's new jobs. Metrostudy recently found that more than 50,000 jobs were added in the area year-over-year.

Furthermore, PricewaterhouseCoopers (PwC), an accounting and advisory firm, recently named Houston the most affordable city in the world to conduct business. This was due, in part, to an increase in the demand for properties as well as decreases in real estate prices and business expenses.