Houston Real Estate Trends: Q&A with PMRG’s Wade Bowlin
Wade Bowlin
HOUSTON – (Realty News Report) – In a major move this spring, Houston-founded PMRG, a longstanding privately held commercial real estate firm known for project leasing, property management, investment management and development services, merged with Madison Marquette, a leading national private company focused on commercial real estate investment and operations. Madison Marquette is widely recognized for mixed-use and retail development, including high-profile projects such as the $2.5 billion District Wharf in Washington, D.C., developed in partnership with PN Hoffman. PMRG, with notable assets like 3737 Buffalo Speedway and the 40-story multifamily tower at 2929 Weslayan near Upper Kirby, will be rebranded as Madison Marquette later this year. To discuss the merger and Houston’s real estate trajectory, Realty News Report spoke with Wade Bowlin, President of PMRG’s Central Division. Bowlin brings more than 30 years of real estate experience, 25 of those in Houston, and has averaged more than 60 lease transactions annually throughout his commercial real estate career.
Realty News Report: PMRG recently merged with Madison Marquette. How is that affecting your clients and operations?
Wade Bowlin: The response has been very positive. Madison Marquette’s expertise in retail and mixed-use complements our strengths in office, medical office, industrial and multifamily. As a combined firm, we can lead across all property types and offer a broader suite of services to clients and partners.
Realty News Report: Houston’s office market has faced challenges. How would you describe the office sector today?
Wade Bowlin: There are real opportunities in the market now—larger lease transactions have started to return after a slow period. At the same time, significant sublease availability and vacancy remain, so recovery will take time. Some older buildings may become functionally obsolete and will need to find alternative uses.
Realty News Report: How long until the Energy Corridor office submarket recovers?
Wade Bowlin: The Energy Corridor moves quickly in both directions. Energy firms typically transact in large blocks, so when the sector contracts it can happen fast, as we saw in the recent downturn, and when it expands it fills rapidly. Given an uptick in deal activity across Houston, I expect newer buildings to lead the recovery and fill over the next couple of years. Class B properties will face stiff competition as tenants continue to favor higher-quality space—a trend I expect to persist.
Realty News Report: What’s the outlook for downtown Houston’s office market?
Wade Bowlin: Current vacancy levels are reminiscent of the period after Enron’s collapse in the early 2000s, when a large contiguous block of space became available. Back then, market demand returned faster than many expected, with companies like Chevron expanding into the CBD and significantly reducing vacancy. Today, with new multifamily, retail development and rail access enhancing downtown’s appeal, I expect relocations into the CBD from other submarkets or cities to help absorb available space sooner than predicted. Newer, high-quality buildings continue to perform well amid the ongoing flight-to-quality trend.
Realty News Report: PMRG completed a 40-story multifamily project at 2929 Weslayan. How is leasing going?
Wade Bowlin: Leasing has gone very well. The tower is currently about 92% occupied and has maintained near-capacity for the past two years. 2929 Weslayan introduced a level of product and amenity that was new to the market and has achieved some of the highest rents in the city.
Realty News Report: Are there plans for more multifamily developments?
Wade Bowlin: Yes. We recently broke ground on a new luxury high-rise in Midtown at 3300 Main, which will include 328 units and roughly 14,967 square feet of ground-floor retail on a 1.16-acre site. We also recently completed The Confluence, a high-rise apartment tower in Denver, and have several other projects in various stages of development.
Realty News Report: What is your outlook for the overall Houston market over the next year?
Wade Bowlin: I expect continued growth across market sectors as job gains support demand. Trophy and Class A properties should lead the recovery and outperform the broader market as tenants prioritize quality. Vacancy in the top-tier sector should fall as absorption improves over the next year. Ideally, new construction would pause long enough to allow existing space to be absorbed, but the ongoing flight to quality will likely prompt some owners of older buildings to explore alternative uses for their properties.
Realty News Report: Any final thoughts?
Wade Bowlin: Houston is a remarkable, centrally located city with an unmatched level of diversity. If the region can develop better mass transit, I believe it could attract a substantial influx of new companies and sustain long-term growth.
