Demand for office space likely to decline in energy-driven markets such as Houston
Thu, Dec 25, 2014 - 5:50 AM
SET TO FALL: Companies including Houston-based ConocoPhillips and Marathon Oil Co said this month they plan to cut capital spending by about 20 per cent next year in response to the plunge in oil prices.
THE drop in oil prices to five-year lows, while helping consumers, is sparking concern that leasing and construction demand will be hurt in some of North America's best-performing markets for commercial real estate.
Energy-driven markets such as Houston, Calgary and...