Financial Times FT.com

Buoyant oil cities give struggling office market a lift

By Daniel Pimlott in New York

Published: August 18 2008 03:00 | Last updated: August 18 2008 03:00

Pumped-up oil prices are buoying commercial property in some US cities closely linked to the commodity, even as most of the rest of the country succumbs to a dramatic real-estate slump.

Houston and Dallas - large hubs of the energy industry - were the best-performing cities in the US in the first half of this year for office property sales, although the volume of deals done still fell 12 per cent and 23 per cent respectively, according to data from Real Capital Analytics.

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