The bi-annual symposium by the University of Houston's Institute for Regional Forecasting, held at the Radisson Astrodome Hotel, offered a rosy outlook for commercial real estate from an investment and occupancy standpoint. Part of the optimism is tied to the return of investors who left town in the 1980s. They are back with their capital as they seek stable returns in a familiar environment and a guaranteed safe resting ground from the beleaguered stock market.

Smith, an economics professor and the institute's director, tells GlobeSt.com that commercial real estate and stock will be the primary make-up of a successful portfolio as long as the national economy doesn't tailspin into a double dip recession. And that, he adds is highly unlikely.

Smith's optimism for the investment arena carries over to the job front. He predicts that 30,000 jobs will be created in 2003, with continued growth over the next six years. As jobs increase, office vacancies will decline. He says the city's future growth will be fueled by a diversified economy, one no longer energy reliant.