Development leaves legacy in city's changing market.(Commercial Real Estate - Legacy Awards)(Houston, Texas)

Consistent themes in today's Houston real estate market are development and revitalization, with much of it being financed by public investors or Wall Street financial partners.

Houston saw more development and revitalization in 1998 than any other time since the early 1980s.

Most of these deals had a significant public investor or Wall Street financial partners. With the increased public and Wall Street investment in local real estate, Houston is more susceptible to changes in the national economy and capital markets.

Nationally, 1998 was an economic roller coaster ride, with plenty of ups and downs. The United States has learned that being part of a global economy has its pluses, and its minuses.

The national economy has been strong, however, as evidenced by recent ups and downs, it is clearly more sensitive to events around the world: the Asian markets, the Russian relapse and Latin America. …