Three years ago, oil and gas companies came near and far to set up operations in the Arklatex. The hope was to cash in on the untapped resource that was the Haynesville Shale.
Flash forward to 2012 and the outlook is a little different.
"For the first time in many many years, if ever, oil and gas prices have decoupled, so you don't have the $10 in MCF, $100 barrel of gas," said Raymond Alley with Walker-Alley & Associates.
With the slow down in the industry, Alley says its caused a softening in the commercial real estate market in our area.
"Several years ago finding large amounts of office space was somewhat difficult especially in the central business district, you're now seeing some of that space being released," said Alley.
One company that chose to do so was Saint Mary Land & Exploration Company. They once housed offices in the Beaird Tower in downtown Shreveport. Once the market began to soften, they uprooted business here and moved to Tulsa, Oklahoma.
Alley says that has become a common trend of smaller companies.
"Smaller, independent companies that service the oil and gas industry or maybe do subcontracting work for some of the majors, they have slowed down a little bit and don't seem to be quite as active as they were and they're releasing some of there properties back to the market," said Alley
While many smaller companies have sought out other means of operation, the major players in the Arklatex have planted solid ground here by buying, rather than leasing properties.
Alley says while there is a lull in the oil and gas industry and a softening of the commercial real estate market, that he expects both to rebound in the near future.