Harvey Provides CRE Benefit in a Roundabout Way

Holiday Inn Express & Suites is a 74-room limited-service hotel at 5618 7th St. in Bay City.

HOUSTON—Damage from Harvey to 200,000 homes across the region as well as infrastructure and commercial properties will create significant short-term hurdles, but Houston is uniquely positioned for recovery, according to a recent report from Marcus & Millichap. Apartment demand is likely to surge and the significant multifamily construction of recent years will be quickly absorbed. The recovery process will bolster the Houston employment market, creating a short-term surge in hiring and economic growth, GlobeSt.com learns.

This year is expected to end on a high note for hotels. Some of the damage has a silver lining in terms of displaced residents seeking shelter in Texas hotels. These hotels will support short-term housing needs, with occupancies rising significantly as displaced households fill rooms.