Mark Preston, a new senior vice president in the office division for Moody Rambin Interests, is convinced that "the window is closing on concessionary times in leasing. Tenants who are waiting for a better deal will need to make decisions more quickly."

Preston remains optimistic about the market despite the record negative absorption. If the national economy is truly back on track, something Preston is unsure if anyone can predict, then the office market should rebound in the next few quarters. As the industry well knows, commercial real estate historically lags when it comes to recovery. That and the long lead times for closings simply make it more difficult to predict when the turning point will come.

Preston points to economic indicators and assessments such as Integra Realty Resources, which ranks Houston's CBD office market as the top investment opportunity in the nation. "Houston is well seated for a fairly substantial recovery," says the 26-year professional.

The Westchase submarket will take longer to recover. It has gone from the suburban darling to a problem child, through no fault of its own and no single event, says Preston. Its high vacancy and negative absorption result from an infusion of new product and the fallout of major driver, the tech industry.

Preston formerly worked for Century Development, Henry S. Miller Commercial and Grubb & Ellis Co. He has been responsible for more than 25 million sf of leasing in Houston, New York and New Orleans. He has overseen such Houston landmarks as Greenway Plaza, Weslayan Tower, Four Oaks Place, Riverway and Greenspoint plazas.