Based in Houston, Texas, Mohammad (Mark) Narmuq started his career as a loan officer for Tamayo Financial Services before venturing into real estate. The chief executive of Fargo LLC and Narmuq Capital, Mohammad (Mark) Narmuq invests in and develops real estate in Houston and the greater Texas area.
The Houston real estate market has fallen in the Urban Land Institute’s (ULI) annual list of real estate markets to look out for, placing 30th out of 78 cities studied. Conversely, Austin and Dallas-Fort Worth, Texas, were the top two markets to watch for strong growth. The ULI report was derived from the responses of over 1,500 participants as well as over 500 interviews done by PwC and ULI.
In a separate South and Mid-Atlantic outlook, Houston ranked last out of 32 cities. In this study, participants were quizzed on the local economy, the availability of capital, investor demand, development opportunities, and public and private investment opportunities.
Houston’s poor showing was attributed to investor uncertainty after the fall in oil prices almost collapsed the local energy industry. The report projected minimal growth in the city’s permits and development starts in 2017 but maintained a positive outlook on the city’s employment growth, which has been propped up by gains in energy exploration and the city’s services industry.
