Forbes recently released its latest ranking of U.S. cities best positioned to grow and prosper in the coming decade, and Houston came in No. 5. The survey considered 52 of the nation’s largest metro areas (those with populations of more than 1 million) and ranked them on the basis of data indicating past, present and future vitality. One-third of the score consisted of job growth; the remainder consisted of demographic factors, including family formation. Here’s what Forbes likes about the Bayou City: Low housing prices Stable job market Vibrant immigrant community Burgeoning port Dominance of the world energy business These factors prompted Forbes to label Houston a “future boom town … destined to become even more influential in the coming decade.” Please read the complete article at the-u-s/. Houston Ranked an Upcoming Boom Town

Commercial Gateway, HAR’s commercial division, has released its Second Quarter 2011 report on Houston’s office and industrial markets. The report shows continued recovery city- wide, with positive absorption and new construction. Here are some quick takeaways: The Houston office market recorded overall net absorption of 86,108 square feet, with Class A space recording its fifth quarter of positive absorption of 217,351 square feet. Encouraging signs in Houston’s office market point to new development in several areas, including groundbreaking on a 312,000-square-foot building in the Uptown/Galleria submarket by Redstone Companies and Stream Realty. Several large office renewals were announced during the quarter and included Chevron, which both renewed a 311,000-square-foot space at 1600 Smith and completed its purchase of 1400 Smith, a 1.4 million-square-foot building the company occupies. Houston’s industrial market also recorded positive absorption with several large deals and renewals, including the largest in recent memory: a 436,410-square-foot lease signed by Jacobson Warehouse to be the first tenant in Building II at the Interport Distribution Complex on Bay Area Boulevard. The complete report, featuring commentary from Commercial Gateway members/brokers, is available at industrial-markets-continue-to-recover-with-positive-absorption-and-new-construction/. industrial-markets-continue-to-recover-with-positive-absorption-and-new-construction/ Houston Office, Industrial Markets Improve

Weekly HAR Market Stat Buyers eagerly exceeded their summer 2010 activity levels — a potential sign of improving consumer confidence. Even though sellers met the challenge this time, that hasn't always been the case of late. With relatively more sales leaving the market than new supply entering, it's important to note how seller concessions and absorption rates respond. Both measures should improve if this trend continues. In the Houston region, for the week ending July 24: New listings decreased 16.4% to 2,148 Pending sales increased 43.1% to 1,483 Closed sales increased 5.9% to 1,066

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