HOUSTON’S LONELY STRIP CENTERS
Has the nail-salon bubble finally burst? Retail space in so many area strip centers lies vacant: “In the Houston area, much of the problem lies in strip centers built during the recent commercial real estate boom when inexperienced developers were throwing up small centers in areas close to new residential growth. In the third quarter, Houston-area strip centers recorded the lowest occupancy of all retail property types at 80.4 percent, according to the Colliers report. Some of these buildings went up away from highly coveted traffic corners, and before any tenants were signed — a risky proposition should something go wrong.” [Houston Chronicle]
Anybody remember Houston in the 80s? I don’t mean the part with the giant shoulder pads and paint splatters, but when there was massive retail overbuilding because bankers were lending out money like drunken sailors? Whole subdivisions got bulldozed. Somebody needs to pull the articles out of the archives ‘cuz there is a real nostalgia thing going on here.
You’ve “nailed” it, Sheila — over-building surely to be followed by over-‘dozing. What a waste, again.
Yes. We see so much of that kind of stuff in Pearland. You’d think they would learn. Great post, Sheila.