Local retail development booming, expert says
— reported by the Houston Business Journal
A veteran retail developer predicts that roughly 3.6 million square feet of new retail space will open this year in Houston.
Ed Wulfe of Wulfe & Co. says that’s a 14.2 percent increase over the amount of new retail built in 2005 (3.17 million square feet) and 2004 (3.18 million square feet).
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Only 16 percent of the new square footage that will come online this year will be built before tenants are secured — a percentage that Wulfe calls conservative and prudent.
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