HOUSTON—There's good news and bad news about being a global city. Houston is enjoying its new-found status as a target for international investment. But it also runs the risk of being impacted by any further European headwinds. Rand Stephens, managing director at Avison Young, explained his theory and why he is nevertheless optimistic about the city's outlook.

You'll also hear:

• Why it's good to be a commodity town;

• How greater diversification has helped Houston's outlook;

• How the live-work-play dynamic is playing out in Houston.

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