About 200 brokers, developers, investors and banking representatives attended yesterday's session at the Wyndham Anatole in Dallas. Houston industry execs walked around smiling for the first time in practically four years.

"It's good to be back in a market that's moving ahead," said Craig LaFollette of CB Richard Ellis in Houston. Urban or suburban, the Houston market is sizzling. In the past two weeks, LaSalle and AEW were shopping the suburban market. For AEW, it's the first time in 10 years that it's gone looking in Houston. New York City's JP Morgan is ahead of the game by already being at the talking table. Urban complexes are drawing 10 to 12 offers while suburban properties commonly have seven or eight bidders. Class B and C products are attracting 12 to 15 offers.

Houston's multifamily market is as hot and steamy as its weather. Deals are closing in less than seven months, based on data collation for January through September. Last year for the same time period, it took an average of 8.7 months to close. LaFollette said the time is starting to lengthen again because buyers are shopping the lending market. Still, it's not stalling sales, particularly in the Inner Loop–a pocket only for the well-heeled who are willing to pay close to the high-ticket asking prices for the usually tony properties.