HOUSTON—Houston's economy is strong, thanks in large part toover 17.3 million square feet of office development currently underconstruction, according to a recent third quarter report releasedby Colliers International.

“Half of the larger lease transactions that have occurred in2014 are tenants in the energy industry or professional servicesserving the energy industry,” Lisa Bridges,Colliers' director of market research, told GlobeSt.com. “Tenmillion square feet of the 17.3 million…will be occupied by energyindustry companies.”

In addition, over 1.2 million square feet of new inventorydelivered during Q3, bringing 2014 year-to-date delivered inventoryto 4.5 million square feet. Colliers projects another 5.3 millionsquare feet of new inventory will be completed by year-end 2014,which includes ExxonMobil's new north campus. Muchof the construction activity is tied to the energy industry andincludes office buildings that Shell Oil,ExxonMobil, BHP, Phillips 66 andNoble Energy will occupy once completed.