https://www.bloomberg.com/news/articles/2021-02-03/office-glut-comes-to-texas-with-oil-bust-leaving-towers-empty?sref=LKs265dOAs a follow up this article backs up the op. This is effecting you directly if you live in Texas.
"Houston unfortunately has been hit by a double Black Swan event," said Russell Ingrum, senior partner of the Texas capital markets group at CBRE Group Inc. It's "not only Covid, but what happened with the price of oil."
The fourth-largest U.S. city is in the midst of a yearslong shift after back-to-back oil busts wiped out tens of thousands of jobs and pushed scores of companies into bankruptcy. On Tuesday, giant Exxon Mobil Corp. -- which houses the core of its North American workforce in the Houston suburb of Spring -- reported its first annual loss in at least 40 years. President Joe Biden is pushing policies to combat climate change that may further dim the outlook for oil, while Wall Street investing titans such as BlackRock Inc.'s Larry Fink are demanding companies cut carbon emissions or face exclusion from some fund portfolios.