Thursday, July 24, 2014
D-FW retail space vacancies at 10-year low
North Texas’ retail market has a vacancy of less than 10 percent, the highest in more than a decade.
Weitzman Group said the Dallas-Fort Worth area is on track to see 1.9 million square feet of new retail space added to the market here this year. Most of the shopping space is “opening basically fully leased,” according to the new report.
Grocery stores account for the largest share of the new retail development, the commercial real estate firm says.
“Approximately 40 new traditional and specialty grocery store locations are opening in 2014 and 2015 across the Metroplex,” according to the company’s midyear retail report. “With a few exceptions, these locations represent new construction.”
Because of the strong population and job growth in the area, Weitzman Group said the newest, best located shopping centers have a vacancy of just 5 percent or less.
At the worst of the recession in 2009, shopping center vacancies in the D-FW area rose to 14 percent, according to Wetizman.
Steve Brown- Dallas News