Takeaway: The worst of the oil price recession / downturn is over, and recovery is underway. It will be slow and will be tied to price of oil. Industry needs to get over $60 per barrel to begin hiring.
Takeaway: Although office vacancies have not reached the all-time highs attained during the ‘80s Oil Depression in Houston, they have come close. The consensus is that we ‘hit bottom’ in 2016, but that the recovery will be long and slow, providing financial heartburn for landlords and good opportunities for tenants.