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HOUSTON REAL ESTATE TRENDS - PDF

VIEWS: 86 PAGES: 16

									                                                                                              Published by:
                                                                      O’Connor & Associates
                                                                                 2000 N. Loop West, Suite 110
                                                                                           Houston, TX 77018
                                                                                               713.686.9955




    HOUSTON REAL ESTATE TRENDS
EDITED BY PATRICK O’CONNOR, MAI       $199 PER YEAR    VOLUME 16 NUMBER 5         JULY 2002



APARTMENTS
Overall rental rates increased $0.01 psf this quarter to $0.75 psf. Rates are up 4% over this same period
one year ago, and are up 6% over the past two years.
Class A rents rose $0.01 psf this quarter to $1.02 psf. The Central Business District continues to post the
highest Class A rents at $1.41 psf, an increase of 14% over the past two years. Bellaire/Southwest and
Greenway/Montrose both posted rents at $1.13 psf, increases of 7% and 4%, respectively, over the past
year. Near West posted rents at $1.11 psf, an increase of 4% over the past year.
Class B rents rose $0.01 psf to $0.76 psf this quarter. Greenway/Montrose posted the highest rents at
$0.89 psf, an increase of 5% over the past year. The Central Business District registered rents at $0.88
psf, an increase of 11% over the past year. Greenway/Montrose registered a 10% increase, while both
Spring Branch and Katy Freeway-Northwest increased 9% from 2Q 2001 to 2Q 2002.

According to the O’Connor & Associates June 2002 Greater Houston Apartment Data Program,
average overall occupancy for Houston area multifamily projects is 93.21% (Class A = 92.27%; Class B
= 94.15%; Class C = 93.42%; Class D = 88.04%). The overall multi-family rental rate is $0.75 per
square-foot per month.

   ?? Buckhead Investment Partners, Inc. (713-522-1800) plans to develop Enclave on the Park
      (0389), a 348-unit complex located on S. Parkview Dr. in northwest Houston (447W). The complex
      is expected to open in the spring of 2003. Rents will range from $695 to $1275 per month. Unit
      amenities will include 9-foot vaulted ceilings, over-sized tubs, crown molding, integrated DBS video
      and telecommunications systems, high-speed Internet access, and built in computer desks.
   ?? State Farm Investments provided $14.5 million in financing for the 272-unit Fairmont Apts.
      (5058), located at 2323 Long Reach Dr. in Sugar Land (568Y). The 7-year-old Class A complex is
      97% occupied with average rents at $1.07 per square-foot. The complex features pitched roofs
      and is separately metered for electricity.
   ?? A two-alarm fire destroyed 16 units at Green Tree Place Apts. (0088), located at 700 Dunson Glen
      in northwest Houston (332X). The 19-year-old Class B complex had a total of 195 units, the
      damaged units are now being rebuilt.


   Houston Real Estate Trends ?                JULY 2002                                      Page 1

                                        http://www.poconnor.com
   ?? Greystar Real Estate Partners plans to develop a $40 million apartment project called Calais at
          Courtlandt Square (1520). The 356-unit complex will be located between Elgin, Holman,
          Louisiana and Smith, on a site that formerly housed Dong Ting restaurant. The complex design will
          be similar to the style often seen in New Orleans. The buildings’ exterior will be covered in stucco
          and have archways and balconies lined with wrought iron. Brennan's restaurant organization plans
          to open a small café on the ground floor of one of the apartment buildings. A typical unit will
          measure about 1,000 square-feet with an average rent of $1,500 per month. Greystar plans to start
          construction in fall 2002. Greystar purchased the land from Greg Baxter of Baxter Development
          Corp.

The following chart illustrates historical apartment rental rates.


                                           Apartment Rent ($/SF)

           $0.80
           $0.75
           $0.70
   Rent




           $0.65
           $0.60
           $0.55
           $0.50
                98




                 1
                01
                 9
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Note: The multifamily projects listed below are followed by the O’Connor & Associates’ database
identification number and are included for subscriber cross-referencing. The property information
contained within the Houston Area Apartment Data Program is published on a quarterly basis.
Clarion Partners (713-966-5000) purchased the 320-unit The Gates @ Hermann Park (2301), located at
6301 Almeda Rd, from Westdale Asset Management/GE Capital. The 2-year-old Class A complex is
90% occupied with average rents at $1.08 per square-foot. The complex features pitched roofs and is
separately metered for both electricity and water; it is located near the Texas Medical Center (533F). G.
Craig LaFollette, Todd Stewart, and Todd Marix of CB Richard Ellis represented the seller.

International Realty purchased Hollister Place Apts. (0293A) , a 260-unit complex, located at 6565
Hollister, from HP Apartments, Ltd. The 5-year-old Class A complex is 97% occupied with average rents
at $0.93 per square-foot. The complex is separately metered for both electricity and water. The northwest
Houston (410Z) complex features pitched roofs. Frank Satterfield of Kinghorn Driver, Hough & Co.
represented both parties.

Stone Mountain Properties (973-376-2626) purchased the 222-unit SunBlossom @ Woodlake (0969),
located at 2200 South Gessner in west Houston (490S), from Archon Group. The 30-year-old Class B
complex is 98% occupied with average rents at $0.82 per square-foot. The complex features pitched roofs
and is separately metered for electricity and sub-metered for water. G. Craig LaFollette, Todd Stewart,
and Todd Marix of CB Richard Ellis represented the seller.           L.J Melody & Company arranged
permanent financing in the amount of $10.7 million for SunBlossom @ Woodlake. Berkshire Mortgage
Finance provided the funding.

Your time is money! Tired of wasting time fruitlessly searching for the results you want? O'Connor &
Associates Data Programs contain the information you need, including owner, management, & leasing
contacts; listings of available space; and market statistics. Hundreds of Brokers, Lenders, Property
Owners, & Management Companies have benefited from the O'Connor advantage. Can you afford not to?

   Houston Real Estate Trends ?                    JULY 2002                                    Page 2

                                              http://www.poconnor.com
Shengs Real Estate Investment, Inc. (201-871-8400) purchased the 184-unit Windfern Meadows Apts.
(0137), located at 12919 Windfern, from BKL Texas Investments. The 20-year-old, Class B complex is
98% occupied with average rents at $0.62 per square-foot. The northwest Houston (369U) complex
features pitched roofs and is separately metered for electricity and master metered for water. The new
owners plan to spend $400,000 to renovate and reposition the complex.




SINGLE-FAMILY HOUSING
MLS home sales increased in June, as 5,726 homes were sold, down from the 6,044 homes sold in May,
according to the Houston Association of Realtors. Sales for June 2002 were down only by one sale
from the 5,727 homes sold in June 2001. The median price of a used single-family home sold in June was
$135,000, up 3.1% from $131,250 a year ago. Note: MLS sales include primarily used home sales
throughout the Houston region. Historical comparisons are offered solely for informational purposes and
may not truly reflect growth in sales.

New home sales increased in June, as 1,453 new homes were sold, up 1.3% from the 1,435 homes sold
in May, according to CDS Market Research. The sales were a decrease of 4.7% over the 1,525 homes
sold at this time one year ago. The CDS survey showed starts were down 7.8% in June, while closings
were down 5.5%. Note: Figures on new home sales are reported as an indication of recent market
conditions and are thought to be representative of overall market trends. Data represents approximately
60% of the total market.
Threshold Interest (713-523-1122) plans to develop a seven-story loft tower with lower level parking in
The Woodlands. The lofts will range from 1,800 to 2,400 square-feet, with prices ranging from $200,000 to
$700,000. The tower will house a total of 36 lofts that feature vies of The Woodlands Waterway from
either the interior or the terrace. Construction is expected to start in September 2003.
Friendswood Development Co. (281-875-1552) purchased approximately 450 acres of remaining land
and a golf course in WindRose, a 1,100-acre master-planned community from Florida-based Pinelakes.
Friendswood has been managing WindRose at FM 2920 and Kuykendahl Road in northwest Houston for
Pinelakes and plans to continue to expand the community and the building team. Home prices in
WindRose range from $130,000 to $600,000. Community amenities include an 18-hole daily-fee golf
course and golf club, neighborhood parks, a central pool, tennis courts, a soccer field and a community
meeting house. Home builders include Lennar Homes, Dietz-Crane Homes, Legacy Homes, Newmark
Homes, Brickland Homes, Emerald Homes, Ashton Woods Homes, and Centex Homes.

Sam Boyd Development plans to develop Whispering Lakes Ranch, a 1,000-acre gated community east
of Interstate 45 on FM 646 in League City. The community will feature 415 homes on lots no smaller than
one acre, which is nine times larger than typical lots in the area. Home prices will range from $250,000 to
$400,000. Homebuilders will include David Powers Homes, Trendmaker Homes, Perry Homes and
Emerald Homes. Whispering Lakes Ranch will have four man-made lakes totaling 100 acres and will be
surrounded by fountains, green belts and common areas.

Dallas-based Terrabrook (713-690-6998) purchased 1,828 acres located to the west and southwest of the
existing Cinco Ranch community in west Houston. Terrabrook plans to build more than 4,000 homes on
the added land, starting in late 2004 or early 2005. The new acreage will bring the projected number of
homes in Cinco Ranch to more than 12,000 at buildout. More than 5,900 homes have been completed
since Cinco Ranch opened in 1991.




   Houston Real Estate Trends ?                JULY 2002                                     Page 3

                                        http://www.poconnor.com
The following chart illustrates historical used-home sale activity.


                                                                            Houston Used-Home Sales

                                        6,500
                 Number of Homes Sold




                                        6,000
                                        5,500
                                        5,000
                                        4,500
                                        4,000
                                        3,500
                                        3,000
                                        2,500
                                             Jun-    Jul-01   Aug-     Sep-      Oct-       Nov-     Dec-    Jan-    Feb-     Mar-      Apr-     May-      Jun-
                                              01               01       01        01         01       01      02      02       02        02       02        02




PERMIT ISSUANCE
The City of Houston issued permits to build 362 houses and to demolish 98 houses in June 2002. Permits
were issued to build 115 multi-family buildings (10,221 units). Permits for privately owned new non-
residential construction totaled $54,618,797. Public sector permits for new non-residential construction
totaled $12,002,402. Additions, alterations and conversions totaled $75,575,861 for the private sector and
$14,300,710 for the public sector.

 Total Building Permits, City of Houston
                           2000                                                                     2001                               2002
 June                      $       560,332,441                                                        $          383,799,731             $         284,729,392
 Year-to-Date              $     2,232,137,968                                                        $        2,072,705,470             $        1,857,370,995

                                                                                 New Residential Units
   Number of Single-Family Permits




                                         500

                                         450

                                         400

                                         350

                                         300

                                         250
                                                      1      -01      -01
                                           -01     l-0                          t-0
                                                                                   1        -01       -01      -02      -02    ar-
                                                                                                                                  02      r-0
                                                                                                                                             2
                                                                                                                                                     -02       -02
                                        Jun      Ju       Aug      Sep        Oc         Nov       Dec      Jan      Feb      M         Ap        May       Jun




      Houston Real Estate Trends ?                                                         JULY 2002                                               Page 4

                                                                                       http://www.poconnor.com
OFFICE BUILDINGS
The local office market this quarter posted its worst absorption total in over a decade. This quarter’s
-1,767,389 square-feet absorbed pushed the total for the past twelve months into the red at –427,917
square-feet, a sharp reversal from the 4.4 million SF absorbed last year. The Central Business District and
Galleria were hit the hardest this quarter, posting losses of -878,955 SF and -758,072 SF, respectively.

Class A absorption fell to –701,560 square-feet this quarter. The greatest losses were recorded in the
Central Business District (-429,502 square-feet) and Galleria (    -430,294 square-feet). CBD losses are
continued fallout from the Enron debacle, reflecting essentially a portion of the roughly 900,000 square-feet
Enron vacated in the Allen Center complex that TrizecHahn has not yet re-leased. The western suburbs
remain strong, though, led by Westchase at just over 140,000 square-feet absorbed.

Continuing a decline that began last quarter, Class B buildings absorbed –986,252 square-feet. The
Galleria at –323,742 square-feet and Central Business District at –327,342 square-feet posted the largest
negative absorption totals. Greenspoint/North Belt also suffered a substantial loss at –222,748 square-
feet.

According to the O’Connor & Associates April 2002 Houston Area Office Data Program, overall
occupancy for Houston area multi-tenant office buildings is 86.84% (Class A = 90.73%; Class B =
84.75%; Class C = 82.80%; and Class D = 81.22%). Overall occupancy is down 1.57 points over the
previous quarter. Meanwhile, the overall multi-tenant office building rental rate is $19.12 per square-
foot per year, a decrease of $0.28 per square-foot from last quarter.


The following chart illustrates historical office building rental rates.


                                         Office Building Rents ($/SF)

          $20
          $19
          $18
          $17
   Rent




          $16
          $15
          $14
          $13
                  8




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    Houston Real Estate Trends ?                    JULY 2002                                  Page 5

                                            http://www.poconnor.com
Note: The buildings listed below are followed by the O’Connor & Associates’ database identification
number and are included for subscriber cross-referencing. The property information contained within the
Houston Area Office Data Program is published on a quarterly basis.

Barato Ventures purchased The Wednesbury Medical Building (SWF 106), an 85,000 square-foot
building, located at 8200 Wednesbury, from CCMP-8200 Wednesbury. The 17-year-old Class B building
is 67% occupied with average rents at $14.50 per square-foot. The building is located between Beechnut
and the Southwest Freeway in southwest Houston (530K). Darrell L. Betts of Grubb & Ellis represented
the seller.

Third Cross Copperstone, Inc. (713-961-5297) purchased a 15,009 square-foot building at 1200
Soldiers Field (SFC 042) from Newmark Homes, LP. The 5-year-old Class B building is fully leased.
The building is located in Sugar Land (568S). Gloria Parrino of Betz Commercial Brokerage
represented the buyer, while Larry Indermuehle and Lang Motes of Indermuehle & Co. represented the
seller.

Three new leases have been signed in BriarLake Plaza (WES 114), located at 2000 W. Sam Houston
Pkwy., from Tishman Speyer Properties (713-952-1900). Gallagher Healthcare Insurance leased
51,720 square-feet, Zurich American Insurance Company leased 34,406 square-feet, and Datavox, Inc.
leased 25,104 square-feet. The 2-year-old Class A building is 80% occupied with average rents at $25.50
per square-foot. The building is located at the intersection of Beltway 8 and Briar Forest in west Houston
(489V). Chip Colvill of Colvill Office Properties represented the landlord, while Rob Neblett and Eric
Anderson of Transwestern Commercial Services represented Gallagher Healthcare, Joe Priola and
Michael Webber of National Realty Advisors represented Zurich American, and Joe Gallini and Steve
Macnoll of McCaslin Commercial represented Datavox.

Jones, Day, Reavis & Pogue leased 54,600 square-feet in Calpine Center (CBD 124), located at 717
Texas, from Prime Asset Management (713-228-7261). The building, which is currently under
construction, is 56% pre-leased with average rents at $22.00 per square-foot. The law firm will move from
its 30,000 a square-foot space in the J.P. Morgan Chase Tower (CBD 057).

Halliburton is relocating its headquarters from Dallas to downtown Houston. Halliburton leased 30,000
square feet at Five Houston Center (CBD 123), a 27-story structure under construction at 1401 McKinney
on the eastern side of downtown (493Q), from Crescent RE Equities (713-655-8900). The building is 80%
pre-leased with average rents at $22.75 per square-foot. Dan Bellow and Mike Boehler of the Staubach
Co. represented the tenant, while Debbie Wilson of Crescent RE Equities represented the landlord.

Texas Cable Partners leased 19,930 square-feet in the Koch Building (GPL 095), located at 20
Greenway Plaza, from Koch Industries (316-828-5500). The 18-year-old Class A building is 92%
occupied with average rents at $22.00 per square-foot. Steve Rocher of Grubb & Ellis represented the
landlord, while Sarah McMurray of McMurry Interest represented the tenant.

MWH Americas leased 14,334 square-feet in the Halbouty Center (GAL 094), located at 5100
Westheimer, from WOCO Investment Corp. (713-629-5535). The 29-year-old Class B building is 92%
occupied with average rents at $18.25 per square-foot. The building is on the northwest corner of
Westheimer and McCue in the Galleria area (491U). Roddy McAlpine of Colliers International and
Victor Gonzales of CORE Partners represented the tenant, while Joe Evan of Evtex represented the
landlord.

Linebarger, Heard, Goggan, Blair, Graham, & Pena leased 13,394 square-feet in the Travis Tower
(CBD 049), located at 1301 Travis, from McCord Development (713-860-3000). The 47-year-old building
is 88% occupied with average rents at $19.00 per square-foot. The building is on the south side of Polk at
Main (493Q).



   Houston Real Estate Trends ?                JULY 2002                                    Page 6

                                           http://www.poconnor.com
VITAS Healthcare of Texas leased 8,494 square-feet in Loop Central III (GAL 155), located at 4828
Loop Central, from W9/LWS II Real Estate LP (713-661-7800). The 20-year-old Class B building is 85%
occupied with average rents at $18.00 per square-foot. The building is on the south side of Westpark &
Loop Central in the Galleria area (491Z). John S. Parsley of Colliers International represented the
tenant, while Rosemary Kogler and Brian McMackin of Lincoln Property Co. represented the landlord.

Chesterfields leased 6,061 square-feet at 1010 Lamar (CBD 026) from Koll Bren Schreiber Realty
Advisors (949-833-3030). The 21-year-old class B building is 83% occupied with average rents at $17.00
per square-foot. The building is located between Fannin and Main (493Q). John Spafford of PM Realty
Group represented the landlord.

Alamo Title Co. leased 5,893 square-feet in the Gemini Bldg. (CLC 057), located at 1331 Gemini from
Koll Bren Schreiber Realty Advisors (949-833-3030). The 17-year-old Class B building is 72% occupied
with $16.00 per square-foot. The building is between Bay Area Blvd. and E. Medical Center near Clear
Lake (618Q). Michael Stone of Cawley International represented the tenant, while Michael Adams and
Michael Sieger of PM Realty Group represented the landlord.

BBVA Bancomer Grupo Financiero leased 5,342 square-feet in Galleria Financial Center (GAL 095),
located at 5075 Westheimer, from Walton Street Capital, LLC (312-915-2800). The 25-year-old Class A
building is 92% occupied with average rents at $21.00 per square-foot. The building is located between
Sage and Post Oak in the Galleria (491U). Ken Wise of Jones Lang LaSalle represented the landlord,
while Robert S. Parsley and John Cox of Colliers International represented the tenant.

Kasowitz, Benson, Torres & Friedman leased 30,223 square-feet in the Bank of America Center (CBD
071), located at 700 Louisiana, from Hines (713-621-8000). The 19-year-old Class A building is 95%
occupied with average rents at $21.50 per square-foot. The building is located between Walker and
McKinney (493L). Drew Lewis and Jon Silberman of NAI Partners Commercial represented the tenant,
while Ronnie Martin and Rush Durkin of Hines represented the landlord.

Arnold & Assoc. leased 3,417 square-feet in the Fountainview Tower IV (GAL 029), located at 2401
Fountainview, from Cornerstone Suburban Office, LP. The 21-year-old Class B building is 95%
occupied with average rents at $14.50 per square-foot. The building is on the southeast corner of Burgoyne
and Fountainview in the Galleria area (491T). Greg Cizik of Colliers International represented the
tenant, while Webb Wotkyns of PM Realty Group represented the landlord.

United States Aviation Underwriters leased 3,301 square-feet in Silverstone (WES 082), located at
2900 Wilcrest, from Zenith Properties (713-784-1592). The 20-year-old Class C building is 90% occupied
with average rents at $16.50 per square-foot. The building is located on the southwest corner of
Meadowglenn and Wilcrest in west Houston (489Y). Ace Schlameus and Jay Kyle of Grubb & Ellis
represented the landlord, while Phillip Price of Cushman & Wakefield represented the tenant.

MSC Technologies, LLC leased 3,177 square-feet at 1220 Augusta (GAL 133) from 1220 Augusta
Partners Ltd. The 19-year-old Class B building is 68% occupied with average rents at $18.75 per square-
foot. The building is located between Sugarhill and San Felipe in the Galleria area (491P). Robert S.
Parsley and John Cox of Colliers International represented the tenant, while Rob Johnson of Rob
Johnson Interests represented the landlord.




   Houston Real Estate Trends ?                JULY 2002                                    Page 7

                                       http://www.poconnor.com
RETAIL CENTERS
After posting strong absorption numbers over the last two quarters, the Greater Houston Retail absorption
total is down with a second quarter total of –314,833 SF. The Neighborhood Center category was hit the
hardest, largely as a result of the Albertson’s closings. The Community Center category is the only center
type to experience significant positive absorption over the past twelve months, but it is still more than
ninety-percent off the previous year’s pace. Despite remaining negative, the Regional Mall absorption total
over the past year is considerably better than the previous year.

After increasing for two straight quarters, the Greater Houston overall occupancy level fell 0.59 points in the
second quarter to 85.85%. Overall occupancy is 1.36 points lower than at this time last year, falling below
86.00% for the first time in over five years.

According to the O'Connor & Associates May 2002 Houston Area Retail Data Program, overall
occupancy for Houston area multi-tenant retail centers is 85.85%, a decrease of 0.69 points from last
quarter. Meanwhile, the overall multi-tenant retail rental rate slipped this quarter to $1.47 per square-
foot per month, down $0.02 over this time last year.
    ?? The Woodlands Mall is planning a 150,000 square-foot expansion next door to the mall. A
       pedestrian-oriented, open-air shopping center will be built, designed to feel like a 100-year-old Main
       Street commercial district. The center will have smaller stores, usually two-story ones, with varied
       exteriors. A small number of angled parking spaces will be available in front of the stores. The
       shopping center will be connected to the new Woodlands Waterway, a mile-long canal that will be
       similar to the San Antonio River Walk. Water taxis will drop off customers at a turning basin
       ringed with restaurants, including P.F. Chang's China Bistro and the Cheesecake Factory.
    ?? Kinghorn, Driver, Hough, & Co. provided $2.1 million in financing for one-year-old Silverlake
       Plaza (SOU 027), located on the southeast corner of SH 288 and FM 518 in Pearland (613N).
       Tenants include Marshall’s, Michael’s, Linens n Things, Ross, Circuit City, Chili’s, Pier 1
       Imports, and Whataburger.

The following chart illustrates historical retail center rental rates.


                                    Retail Center Rental Rates (per/SF)

         $1.55
         $1.50
         $1.45
         $1.40
  Rent




         $1.35
         $1.30
         $1.25
         $1.20
         $1.15
                9




              01
              00
              98




              99
             -98
               7

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    Houston Real Estate Trends ?                    JULY 2002                                    Page 8

                                                http://www.poconnor.com
Note: The retail centers listed below are followed by the O’Connor & Associates’ database identification
number and are included for subscriber cross-referencing. The property information contained within the
Houston Area Retail Data Program is published on a quarterly basis.


Village Centre, LLC purchased an 86,584 square-foot free-standing Kohl’s store, on the northeast corner
of Fairmont Pkwy and S. Sam Houston Pkwy E. in Pasadena (577G), from Trammell Crow Co. The one-
year-old store is leased to Kohl’s for 20 years.

Two new leases have been signed in the Village Arcade I (INL 096), located in the northeast corner of
Kirby and University in the Rice University Village (532C). Gart Bros. leased 32,945 square-feet and
Talbots leased 5,200 square-feet from Weingarten Realty Investors (713-866-6000). The 11-year-old
center is 98% occupied with average rents at $2.00 per square-foot. Lyle Cowand of Transwestern
Commercial Services represented the landlord, while Dean Lane of Boyd Page represented the tenant in
the Gart Bros. deal. John De Meritt of Weingarten Realty represented the landlord in the Talbots deal.




VACANT LAND
US Marble Co., LLC purchased 11.95 acres at 11203 Highway 3 from Cemex Construction Materials,
LP. Mark Lehman and Chris Kugle of Grubb & Ellis represented the seller.

KB Home Lone Star, LP purchased 94.24 acres at Huffmeister-Cypress/Rosehill from M Ranch J.V. Bill
Heavin of Grubb & Ellis represented the buyer, while Dennis Johnson of McDade, Smith, Gould, & Co.
represented the seller.

Lutheran Education Assoc. purchased 73.74 acres on the south side of FM 1093, west of the Grand
Parkway from Ronald Gene McDonald and Jeanne Carol Crandall Sloan. The land will be used to
develop a private school. Keith Jaehne of General Property Services, LLC represented the buyer, while
Tom Condon of Betz Commercial Brokerage, Inc. represented the sellers.

CVS purchased 1.4 acres at FM 1960 and Fallbrook Dr. from The Ward Group. Terry S. Ward of The
Ward Group represented the seller. CVS plans to build a pharmacy on the site.

J.P Morgan Chase Bank purchased 2.3 acres at Eldridge Parkway and Briar Forest from Buckner
Retirement Services. A bank branch is planned for the site. Bill McDade of McDade, Smith, Gould, &
Co. represented the buyer, while Stan Creech Properties represented the seller.

Haag Engineering purchased 2.8 acres at Jess Pirtle Blvd. in Sugar Land from Sugarland Properties,
Inc. Keith P. Grothaus of the Caldwell Watson RE Group represented both parties.

Sprint Companies purchased 9.9 acres at West Road in Fairbanks from the estate of Aline D. Sawyer.
Keith K. Edwards of the Caldwell Watson RE Group represented the buyer, while Keith P. Grothaus of
the Caldwell Watson RE Group represented the seller.

Tangley Development Partner purchased 5 acres located at 3490 W. 12th Street from Air Liquide
America. Gary A. Mabray of Colliers International represented the seller.

Aldine Warehouse purchased 2.7 acres at the Aldine Mail Route at Hardy Toll Road from Donald Reber.
William F. Taber of Taber RE Co. represented the seller.




   Houston Real Estate Trends ?               JULY 2002                                   Page 9

                                      http://www.poconnor.com
Suncor of Texas NNP II, LP purchased 3.8 acres at Wood Forest and Maxey Road from ARCO Midcon,
LLP. Alan Parker of Alan Parker Properties represented the buyer, while David L. Cook, Todd A.
Mason and Jeff G. Peden of Cushman & Wakefield represented the seller.

Main Buffalo Investments purchased 7.4 acres at the northwest corner of S. Main and Buffalo Speedway
from Marcos Nahmad Chayo. David Gerber of Gerber Realty represented the buyer, while Davis
Adams of McAlister Co. represented the seller.

Jack in the Box, Inc. purchased 1 acre at Hoffmeister north of US 290 from RLG Realty Holdings. Steve
Mahood of Moody Rambin Interests represented the buyer, while Stan Creech of Stan Creech
Properties represented the seller.

Kirby Rice purchased 1.2 acres at the Southwest Freeway and Greenbriar from BFG 79-02. Gregory G.
Lewis of Lewis Property Co. represented the buyer, while Richard Skotak of Star Realty represented
the seller.

GSL Investments purchased 3 acres in Bayport North Industrial Park from Bayport North Industrial
Park. Welcome Wilson Jr. of GSL Investments represented the buyer, while B. Kelley Parker III and
John F. Littman of Cushman & Wakefield represented the seller.

Mei Tzang, Lien Foubister, and Paul Lee purchased 3.34 acres at Decker Dr. and Bramble Creek from
Fairfield Financial Group. Claire Sinclair of Re/Max Baytown represented the seller.

Justone Investments purchased 6 acres at West Road and US 290 from Koontz McCombs. Brian
Murphy of Staubach Co. represented the buyer, while Bill Byrd and Robert S. Parsley of Colliers
International represented the seller.
Star State Investment, Inc. purchased 2,700 acres of land on the south side of FM1662 and east of Texas
288 from IP Farms, a division of International Paper Co. The site will be used to develop a new super
speedway and entertainment complex. Pete Stewart of Pete Stewart Properties handled the sale. The
developers expect to break ground in November 2002 and open the track by late 2004 or early 2005.




INDUSTRIAL FACILITIES
The combination of the Near Southeast and Far Southeast sectors embodies the largest concentration of
Industrial space in Greater Houston, representing roughly 18.7% of the local Industrial market. The two
sectors combine for 840 operating industrial facilities totaling nearly 41 million square-feet.

Southeast Houston Industrial properties feature a combined occupancy level of 89.15%, which is 3.83
points higher than Greater Houston’s overall level of 85.32%. This quarter’s overall occupancy is 0.09
points higher than it was at this time a year ago. Both the Bulk and Manufacturing Facility occupancy
levels are higher than the Greater Houston averages, coming in at 90.61% (6.67 points higher than Greater
Houston’s 83.94%) and 89.16% (1.71 points higher than Greater Houston’s 87.45%), respectively. Despite
being 1.76 points higher than this time a year ago, southeast Houston’s current Flex space occupancy level
of 85.57% remains 1.04 points lower than the Greater Houston average of 86.61%.

One of the main reasons for such strong occupancy numbers in southeast Houston is the low rents offered,
as well as the lack of rent fluctuation. At $0.29 per square-foot (psf), the overall rental rate for southeast
Houston is nearly $0.10 less than the Greater Houston average of $0.38 psf. Both Flex and Manufacturing
Facility rents have remained constant over the last year, registering second quarter figures of $0.35 psf and
$0.23 psf, respectively. In addition, both property types feature rents $0.08 lower than the Greater Houston
overall levels for those categories. Bulk rents have jumped $0.03 over the last year to $0.26 psf, but are
still $0.07 lower than the citywide average for the category.


   Houston Real Estate Trends ?                  JULY 2002                                     Page 10

                                            http://www.poconnor.com
According to the O’Connor & Associates April 2002 Houston Area Industrial Data Program, overall
occupancy for Houston area operating industrial facilities is 85.32%, while the overall multi-tenant
industrial rental rate is $0.38 per square-foot.

   ?? Kinghorn, Driver, Hough, & Co. arranged a total of $5 million in financing for three industrial
      facilities through Thrivent Financial for Lutherans. South Post Oak Service Center (4941), a
      143,580 square-foot warehouse, located at 11320 S. Post Oak Rd. in southwest Houston (571C),
      was allocated $2,000,000. The 20-year-old facility is 87% occupied with average rents at $0.40 per
      square-foot. Southwest Business Center (3851), a 58,790 square-foot office/warehouse located
      at 10849 Kinghurst in southwest Houston (529Y), was allocated $1,430,000. The 21-year-old
      facility is 90% occupied with average rents at $0.55 per square-foot. S. Shaver (4787), a 154,000
      square-foot facility, located at 2950 S. Shaver in Pasadena (536Y), was allocated $1,600,000. The
      25-year-old warehouse is 99% occupied with average rents at $0.30 per square-foot.

The following chart illustrates historical industrial facility rental rates.

                                               Industrial Rent ($/SF)

             $0.40
             $0.38
             $0.36
      Rent




             $0.34
             $0.32
             $0.30
                     9




                     0
                    00
                    99
                     8
                     7



                     8




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Note: The facilities listed below are followed by the O’Connor & Associates’ database identification number
and are included for subscriber cross-referencing. The property information contained within the Houston
Area Industrial Data Program is published on a quarterly basis.

AIC Ventures purchased Freeport Southwest Business Park (4901A) , located at 10900 Cash Road,
from RTRON. The 6       -year-old 145,120 square-foot distribution center is fully leased. The southwest
Houston (569F) facility features dock-high loading and 16-foot clearance. Greg Cizik and Bret Hardy of
Colliers International represented the seller, while Meredith Hardy of AIC Ventures represented the
buyer.

Main Street Development, LLC (713-521-9449) purchased TruGreen/Chemlawn (0473), located at
14150 Westfair East, from Corporate Real Estate Investment Portfolio, LP. The 17-year-old northwest
Houston (408H) features 17-foot clearance, sprinklers, and grade-level loading. The facility is 13,200
square-feet and was purchased in the form of a 1031 exchange. David Butler of Colliers International
represented the seller, while Keith Lloyd of Grubb & Ellis represented the buyer.

Ford Motor Co. leased 252,000 square-feet in Alamo Crossing Commerce Center (0736A), located at
7909 Northcourt, from CB Richard Ellis. The northwest Houston (410Y) warehouse features dock-high
loading and 30-foot clearance. Rents will average $0.34 per square-foot.




   Houston Real Estate Trends ?                      JULY 2002                              Page 11

                                            http://www.poconnor.com
Katoen Natie Gulf Coast leased 136,928 square-feet at 8786 Wallisville Rd. (3481) in northeast Houston
(495B) from AMB Property Corp. The 30-year-old warehouse is 100% occupied with average rents at
$0.22 per square-foot.  The facility features dock-high loading and 24-foot clearance. Grady Farris and
Michael Farris of Houston Industrial Brokerage represented the tenant, while Faron Wiley of Trammell
Crow Co. represented the landlord.

Groves Industrial Supply leased 105,874 square-feet in B T Miller (1337P), located at 7301 Pinemont
Dr., from Albert Herzstein (713-681-7868). The 7-year-old office/warehouse is fully leased with average
rents at $0.32 per square-foot. The northwest Houston (450H) facility features 24-foot clearance and dock
high loading. Mike Boyd and Clay Peeples of Boyd Page represented the landlord, while Bob Berry of
Staubach Co. represented the tenant.

Abbey Party Rents of Houston, Inc. leased a 64,666 square-foot warehouse at 7930 Blankenship
(1503) from Prologis Trust (713-682-2292). The 32-year-old northwest Houston (451N) facility features
dock-high loading and 25-foot clearance.  David L. Cook, Todd A. Mason, and Jeff G. Peden of
Cushman & Wakefield represented the tenant, while Paul Sowell of Hartman Management represented
the landlord.

Computer Technology Solutions leased 49,950 square-feet in West by Northwest Industrial Park
(0716), located at 14902 Sommermeyer, from TIAA Realty (212-490-9000). The 19-year-old warehouse is
99% occupied with average rents at $0.35 per square-foot. The northwest Houston (410W) facility features
dock-high loading and 24-foot clearance. Jim Stark of CB Richard Ellis represented the tenant, while
Brian Gammill of Transwestern Commercial Services represented the landlord.

Thomas & Betts Corp. leased 3      5,805 square-feet in West by Northwest Industrial Park (0636A) ,
located at 14902 Sommermeyer, from TIAA Realty (212-490-9000). The 18-year-old warehouse is 100%
occupied. The northwest Houston (409Z) facility features dock-high loading and 24-foot clearance. Mike
Boyd of Boyd Page represented the tenant, while Brian Gammill of Transwestern Commercial
Services represented the landlord.

Funtastic leased 39,430 square-feet in Minimax1 (1962), located at 2303 Minimax, from AMB Property.
The 35-year-old warehouse is 86% occupied with average rents at $0.34 per square-foot. The facility,
located near the Heights (452W), features dock-high loading and 24-foot clearance. John Ferruzzo of NAI
Partners Commercial represented the tenant, while Faron Wiley of Trammell Crow Co. represented the
landlord.

King Warehouse Service & Cartage Co. leased a 35,560 square-foot warehouse at 5544 Armour Dr.
(3277M) from Suburban Leases (713-988-6404). The 52-year-old facility is located in southeast Houston
(494Q). Doyle Toups of Grubb & Ellis represented the tenant.

Deepwater Corrosion Services, Inc. leased 16,875 square-feet in the Tanner Freeport Business Park
(1074), located at 5530 Brittmoore Park Dr., from Clay Development & Construction (713-789-2529).
The northwest Houston (449B) build-to-suit facility is currently under construction. The. John Ferruzzo of
NAI Partners Commercial represented the tenant, while Robert Clay of Clay Development &
Construction represented the landlord.

Interceramic, Inc. leased 13,500 square-feet in the Corporate Park Woodland (0074A) , located at 240
Spring Hill Dr., from Hartman Management (713-467-2222). The 2-year-old office/warehouse is 81%
occupied with average rents at $0.78 per square-foot. The north Houston (292K) facility features dock-high
loading and 13-26 foot clearances. David L. Cook, Todd A. Mason, and Jeff G. Peden of Cushman &
Wakefield represented the tenant, while Daryl Mechem of Prologis represented the landlord.




   Houston Real Estate Trends ?                JULY 2002                                   Page 12

                                           http://www.poconnor.com
Prairie Supply leased 10,979 square-feet in Beltway I Service Center I (3772), located at 10515 Harwin,
from Halawa View Apartments (713-780-8866). The 27-year-old office/warehouse is fully leased with
average rents at $0.53 per square-foot. The facility is on the southwest corner of Harwin and corporate in
southwest Houston (529D). Walter Menuet of Vantage Companies represented the landlord, while Joel
Michael of Moody Rambin represented the tenant.

Quality Karz leased 3,022 square-feet located in the Waldo Business Park (3920C), located at 3906
Waldo, from Braun Enterprises (713-541-0066). The 20-year-old office/warehouse is 75% occupied with
average rents at $0.35 per square-foot. The southwest Houston (530B) facility features 14-foot clearance
and grade-level loading. Shawn Ackerman of Henry S. Miller represented the landlord, while Darren
O’Connor of Henry S. Miller represented the tenant.




ECONOMIC & FINANCIAL NEWS
The number of wage and salary jobs in the 6            -county Houston area decreased by 1,600 jobs to
2,121,000 in June 2002, according to the Texas Workforce Commission. Services experienced the
biggest increases, posting gains of 5,500, yet still not enough to offset 10,400 jobs lost in the Government
sector. This month’s total is 6,700 jobs less than the 2,127,700 jobs at this time last year. Houston's
unemployment rate increased to 6.5% in May, while the statewide unemployment rate increased to 6.8%.
Dynegy plans to sell its Northern Natural Gas Co. pipeline system, formerly of Enron Corp., for $928
million. The selling price is almost $600 million less than the purchase price. The pipeline system will be
sold to MidAmerican Energy Holdings Co., a unit of Warren Buffett’s Berkshire Hathaway. Dynegy
would get $928 million in cash and MidAmerican would assume $950 million in pipeline debt. D        ynegy,
which markets and trades energy and owns power plants, may be forced into bankruptcy protection unless
ChevronTexaco Corp., its largest shareholder, provides a cash infusion or other help. Dynegy acquired
the pipeline system, which runs 16,600 miles from the Permian Basin in Texas to the upper Midwest,
through last year's broken merger agreement with Enron. After the deal was reached, Dynegy gave Enron
$1.5 billion in cash with the pipeline as collateral. Dynegy got the pipeline from the deal. The money
Dynegy pumped into Enron came from ChevronTexaco, and Dynegy may have to return it to
ChevronTexaco in November 2003. When ChevronTexaco gave Dynegy the $1.5 billion used for the
pipeline, it got preferred securities in return that can be converted into common stock. If ChevronTexaco
doesn't convert them by November 2003, Dynegy must pay $1.5 billion to redeem the securities. Dynegy
buys and markets all of the natural gas ChevronTexaco produces in the United States, except Alaska.

The Securities and Exchange Commission approved Reliant Energy’s plans to split into two
companies, Reliant Resources and CenterPoint Energy. Reliant Resources will contain unregulated
lines such as power plants and energy trading. It includes a retail electricity business that provides power
to residential and commercial customers in Texas under the Reliant Energy brand. CenterPoint Energy
will include mostly regulated business such as natural gas distribution, including Entex, as well as
electricity transmission. Reliant Resources' energy trading business is the focus of federal investigations,
including one by the SEC, which is looking into a series of sham trades that Reliant has admitted were
done to boost revenues over a three-year period. Reliant Resources restated its revenues for 1999-2001,
knocking off $8 billion in reported revenues; net income wasn't changed. Company executives need
approval from the Internal Revenue Service.

The Shell Oil Company Foundation has provided a $3.5 million endowment to Rice University for the
establishment of the Shell Center for Sustainability. The center is intended to foster new technologies
and market strategies to promote energy production that is socially and environmentally acceptable.
Among Shell's efforts toward sustainable growth is a commitment to cut greenhouse gas emissions. The
company expects its U.S. refineries to achieve a 2002 goal of reducing emissions of nitrogen oxide and
other pollutants thought to contribute to global warming by 10%. Rice President Malcolm Gillis says the
school hopes to involve other energy companies in the center's research activities. Objectives will include
development of new technologies, processes, products and market mechanisms aimed at "green growth."

   Houston Real Estate Trends ?                 JULY 2002                                    Page 13

                                        http://www.poconnor.com
Houston-based Chroma Energy, Inc. has signed an agreement with Korean National Oil Corp., the
national petroleum company of South Korea. Chroma will provide seismic interpretation services, data
mining, and prospect generation services for Korean National's exploration and development activities in
the Ulleung Basin of the East Sea, where the national petroleum company expects to develop Korea's first
domestic oil production. Korean National has the responsibility for providing an adequate supply of energy
to sustain Korea's thriving economy. The national company also is competitive internationally in oil and gas
development.

E-Bay Inc. is buying online payment facilitator PayPal Inc. for $1.5 billion in stock. The deal would mark
the end of eBay's own, rival electronic payment program, called eBay Payments by Billpoint. In June
2002 EBay's net profit more than doubled to $54.3 million, or $0.19 per share, on revenue of $266 million.
PayPal lets buyers make payments online through credit cards and bank accounts and sends confirmation
of the funds to sellers via e-mail. It charges a fee based on the amount transferred. About 60% of its
business comes from eBay users. E-Bay hopes to close the acquisition by the end of the year if regulators
and shareholders approve, and then phase out eBay Payments by Billpoint, which never proved as popular
with eBay users as PayPal. The deal calls for PayPal shares to be converted into 0.39 shares of eBay,
which values PayPal at $1.5 billion. The offered price would give PayPal shareholders $23.61 of eBay
stock for each PayPal share, based on eBay's closing price of $60.55 on the Nasdaq Stock Market.

IBM Corp. will supply Southwest Airlines with self-service check-in kiosks at up to 13 airports. IBM is
making the hardware and designing the application for about 250 machines under a $2 million contract.
The first kiosks are operating at Love Field in Dallas. Others are planned for later this year at Houston
Hobby, San Antonio, Phoenix, Nashville, Chicago Midway, Oakland, Los Angeles, San Diego, San Jose,
Sacramento, Orlando and Baltimore-Washington. The kiosks would not take up much space and would cut
Southwest's costs for checking in passengers. They are also expected to increase the use of electronic
tickets, which are cheaper for airlines. A kiosk can be used by any passenger with an electronic ticket. By
swiping a credit card or Southwest frequent-flier card, passengers can get boarding passes, baggage tags,
receipts, and mileage credit.

The following chart illustrates total nonagricultural employment.


                                                   Total Nonagricultural Employment, Houston MSA
   Labor Force, in thousands




                                2160
                                2140
                                2120

                                2100
                                2080
                                                                                     1
                                                     1




                                                                                     1
                                                     1




                                                                    01

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      Houston Real Estate Trends ?                                       JULY 2002                               Page 14

                                                                    http://www.poconnor.com
Office Sublease Space (Ranked according to percentage of total available space)
(Source: Grubb & Ellis/PNC Real Estate Finance Q2 2002)



                                                                                % of Total Available
                    Market                                        Sublease SF
                                                                                (Direct + Sublease)

            1       South Bend-Mishawaka                            13,695             2.2%

            2       Inland Empire                                   81,612             4.1%

            3       Nebraska - Lincoln                              35,172             4.9%

            4       Oklahoma City                                   185,173            5.2%

            5       Des Moines                                      88,924             5.6%

            6       Honolulu                                        133,785            7.2%

            7       Louisville                                      255,937            7.3%

            8       Fresno                                          102,576            7.8%

            9       Sacramento                                      818,421            8.5%

            10      Las Vegas                                       255,399            8.9%

            11      Madison                                         125,234            9.1%

            12      Grand Rapids                                    272,728            9.7%

            13      Albuquerque                                     210,783            10.9%

            14      Kansas City                                    1,185,701           11.9%

            15      Milwaukee                                       609,366            12.4%

            16      Columbus                                        812,405            12.6%

            17      Florida - Palm Beach                            457,102            13.3%

            18      Florida - Miami/Dade County                     982,325            13.6%

            19      St. Louis                                      1,308,199           14.2%

            20      Phoenix                                        1,995,312           14.4%

            21      Pittsburgh                                     1,308,081           15.0%

            22      San Antonio                                     730,150            15.4%

            23      Richmond                                       1,021,653           15.4%

            24      Cleveland                                      1,166,556           15.9%

            25      Florida - Broward County                        793,379            16.1%

            26      Orlando                                        1,003,579           16.3%

            27      Houston                                        4,358,835           16.7%

            28      Tampa Bay                                      1,367,654           16.8%

            29      Florida - Fort Myers                            77,000             16.9%




    Houston Real Estate Trends ?                      JULY 2002                                    Page 15

                                               http://www.poconnor.com
 WHY O’C ONNOR & ASSOCIATES?
O'Connor & Associates has become the largest real estate research and support services firm in the city of
Houston, growing from a three-person to 65-person firm during the last ten years. Our prosperity and
expansion is the result of increased consumer demand created by our emphasis on excellent customer
service, producing quality technical work, and assembling of a team of experienced, trustworthy
professionals.
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decade, and now you can access this information through our Data Programs. We collect information on
more commercial properties in Houston than anyone, including the key ownership and rental information
that you need. Whether you are looking for information of Apartment, Office, Industrial, or Retail
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help you reach your real estate goals through our comprehensive market knowledge based on
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We are confident that O'Connor & Associates can become a key part of your organization's future success.
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   Houston Real Estate Trends ?                JULY 2002                                   Page 16

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