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).
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.