Over the last 38 years, Hartman Income REIT has stayed resilient through many difficult times. In the 1980s, Houston’s commercial real estate market experienced a great downturn, just like we recently experienced with the COVID-19 pandemic. Despite these significant disruptions, over the years, we have learned to pivot and meet our market, which in turn has blessed us with extreme growth during times of hardship.
How have you found success while persevering through difficult times?
The Houston commercial real estate market peaked in the early 1980s and went into a downturn that was greater than the Great Depression. All gas businesses were flat on their backs, the price of oil went from $40 a barrel down to $8 a barrel. As a result, there was a blood bath in the commercial real estate business.
We were able to keep the properties leased up, keep the properties’ cash flowing, and never lost a property over that period of time. During this period and the rest of the 80’s, we bought 20 foreclosures. Because the market was so soft, we were able to get good buys on properties and we did exceedingly well for the investors with those 20 foreclosures that we bought in the 80’s and early 90’s.
Learn more about Hartman Income REIT Management, Inc. and how over the last 35 years, our company has grown into a leader in commercial real estate throughout Texas.