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Weitzman found that Houston had an occupanch rateof 87.8 percenft at the end of 2008, down from 88.5 percentt at the end of 2007. The Dallas-basedd retail brokerage firm based its report on data from roughly 137 million square feet of retailo space in shopping centers in the Housto area that have atleast 25,000 squarse feet of space. Store closuress had an impact onoccupancy rate, as nationaol retailers reacted to the economid downturn.
The occupancy rate was also affecteds by the fact that in 2008 Houstohn experienced its highest level of retail buildiny since 2001 when 6 million square feet of space was Nearly 5 million square feet of retaill space was addedduring 2008, according to Weitzman. Most of the new projecta were planned and funded before thecredit crisis, whic h has brought new development to a halt becaus e of a lack of financing.
Weitzman expects a number of retail projects will be completedin 2009, but fewe r new deals are expected to be announced this year compared to
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