"The last time we saw this kind of construction was back in 1998and '99," Ariel Guerrero, vice president for Grubb & Ellis Co.in Houston, tells GlobeSt.com. "And the new ones are truly class Aand truly trophy properties." Year to date, 1.9 million sf hasdelivered, with 2.3 million sf to come on line before the yearends. The pipeline's balance will hit between 2009 and 2011. In1999, developers brought out 4.9 million sf, according toGuerrero's records.

CB Richard Ellis' research team, also unleashing second-quarterstats, reports 44 office buildings are under construction. Of thenine million sf that it tracked, five million sf will deliver thisyear. "It only represents a 2.7% increase to the total market sizeand seems to be in line with anticipated demand in the energyindustry," the CBRE team concludes.

Guerrero says the metro's vacancy rate in 1999 is similar totoday's level, which is 87.52% in all classes and 90.35% in class Aat the secondquarter's close. And now as before, the construction leaderis the Katy Freeway/Energy Corridor, which accounts for threemillion of the 2008-09 pipeline. In 1999, the submarket generated2.1 million sf of the 4.5 million sf of deliveries. "We're kind ofseeing the same thing," he says. "It seems history does repeatitself."