Thursday, August 08, 2013

DFW Retail Property Vacancy is Back to Prerecession Levels

Dallas-Fort Worth retail centers are reporting the highest occupancy rates since before the recession.
At mid-year, only 10.7 percent of North Texas shopping center space was empty, according to a new report by Weitzman Group.
Vacancy levels in local retail properties are now at the lowest level since mid-2007, the retail real estate firm found in a just-completed study.
Recent leases by Belk, Alamo Draft House, Nordstrom Rack, Fitness Connection, Sprouts Farmers Market, Whole Earth Provision Co., Stacy Furniture, Sears Hardware, El Rancho Grocery and other merchants helped fill empty shopping space that was left empty during the economic downturn, Weitzman reports.
Currently there is about 1.5 million square feet of additional retail space in the construction pipeline.
“Our retail market is seeing a notable increase in new projects, largely anchored by grocery stores,” said Weitzman Group founder Herb Weitzman. “But by historic standards, new space is extremely limited, and that helps our existing centers gain in occupancy.
“We’re not completely recovered from the recession yet, but for the first time in a long time, we are seeing almost all segments of our economy show positive results,” Weitzman said. “That is a trend that will benefit not just retail real estate, but all of us.”
The retail real estate market in North Texas was one of the hardest hit property market sectors during the economic crash.
But after several years of meager construction and expansions by national and local retailers, the market has regained most of the ground that was lost.
Read more atDallas News
Author: Steve Brown