Pursuits
Oil’s Plunge Hurts Houston Office Sales, Calgary Leases
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Slumping oil prices are starting to reduce sales and office space rentals in North America’s biggest energy hubs.
In Houston, the center of the U.S. oil and gas industry, Shorenstein Properties last month took its 28-story Five Post Oak Park office tower off the market after receiving bids, said Olivia Hennessey, a spokeswoman for the broker, HFF Inc. In Calgary, Alberta, more companies are seeking to sublet space they no longer need as Canada’s energy capital loses jobs and projects get canceled, according to CBRE Group Inc.