May 11, 2016
Mention “oil price impact,” and the first thought might be Houston. But secondary markets such as Shreveport, LA have also been hit hard. Shreveport is dependent on the Haynesville Shale. When oil and gas prices decreased, so did consolidations and layoffs. At the height of the Haynesville boom, office space in downtown Shreveport was difficult to find. But many downtown buildings now have large vacancies.
“As leases come to the end of their terms, the results are disappointing for the companies, their employees, suppliers and ultimately our landlords,” said Anne Dixon with Vintage Realty Co. “With downsizing and closing of offices, there is a negative impact on the bottom lines of our property owners, as well as the restaurant and other service providers in our downtown area.”