According to a yearend report by Dallas-based Weitzman Group,the region's inventory has hit 132 million sf, with 4.6 million sfunder construction. In 2006, four million sf was added. Researcherssay this year's construction pipeline is due to regional projectsand shopping center expansions.
Lyle Cowand, senior vice president with Weitzman's Houstonoffice, says local brokers are bracing for construction to reachnearly five million sf before the year is done. He says much of thenew product will be grocery-anchored neighborhood centers, big-boxretailers and junior anchors.
Cowand predicts the extra space will mean occupancy won't budgetoo much from it current figure. "With five million sf of spacecoming on line, I don't anticipate rents up-ticking much, if atall," he says. The region's average rent isn't available.
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