The Dallas-Fort Worth metroplex saw a total of nearly 4 million more square feet of retail space leased in 2021 compared to the year before. This map measures the overall change in occupied retail space leased in square feet from 2020 to 2021. CHANGE IN NET LEASING
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“Even from day to day, like, maybe you don’t have a babysitter, or you have a flat tire, or you’re just busy studying for a test. … We all have so many barriers to going out, and that’s really where our technology shines. We’re able to replace those quick trips to the shops and use drones instead.” While drone delivery use is on the rise, many North Texas businesses are experiencing an increase in in-person shopping. Texas-based commercial real estate firm Weitzman noted that in-person shopping levels have more than recovered since the start of the pandemic throughout the Dallas-Fort Worth metroplex. As part of its report, Weitzman noted construction of new retail space in the region was at an all-time low in 2021, with just 640,000 square feet of new space added. That was nearly half the previous record low of 1.2 million square feet built in 2012, according to Matthew Rosenfeld, Weitzman exec- utive vice president and director of DFW brokerage. However, increased demand for retail space and rising occupancy rates are expected to help turn things around in 2022, according to the forecast. “Based on what’s in the pipeline, we expect construction to total approxi- mately 2 million square feet [in 2022],” Caplan said. “That’s more than double the 2021 total, but it remains on the conservative side.” Frisco saw a similar trend. Known for its fast growth, the city saw a dip in commercial building permits in 2020, with new permits issued dropping to 49 after ranging from 80-91 for the four years prior, according to the city’s yearly development report. That num- ber rose to 74 in 2021. At the same time Frisco added retail space, it saw vacancy rates increasing from 2020 to 2021, per city data.
Retail space leased in square feet
ROANOKE WESTLAKE TROPHY CLUB
700,001+ 600,001 to 700,000 500,001 to 600,000 400,001 to 500,000 300,001 to 400,000 200,001 to 300,000 100,001 to 200,000 1 to 100,000 0 to -100,000 less than -100,000
NORTHEAST FORT WORTH
FAR NORTH DALLAS
NORTH RICHLAND HILLS
NORTHWEST FORT WORTH
FORT WORTH CBD*
PARK CITIES/ OAK LAWN
SOUTHEAST FORT WORTH
*CENTRAL BUSINESS DISTRICT
NOTE: AREA DESIGNATIONS WERE MADE BY TEXAS-BASED COMMERCIAL REAL ESTATE FIRM WEITZMAN AND DO NOT ALWAYS MATCH CITY BOUNDARIES. ADDITIONALLY, SOME OF THE AREA DESIGNATIONS SHOWN INCLUDE MULTIPLE CITIES.
SOUTHWEST FORT WORTH
MAP NOT TO SCALE N
SOURCE: WEITZMAN/COMMUNITY IMPACT NEWSPAPER
But in the region, the Weitzman forecast also found retail occupancy was at 93.5% at the end of 2021. That rate was the third highest total the firm has recorded for DFW, just below its previously recorded highs of nearly 94% in 2019 and almost 95% in 1981. The firm’s data is based on more than 1,400 shopping centers totaling more than 200 million square feet of retail space across the metrop- lex. Weitzman’s forecast for this year expects retail occupancy to increase to 95%. The retail leasing market, which refers to newly available space, was also the third strongest the firm has seen in the DFW region in 22 years, according to Rosenfeld. “This is [a] complete reversal from 2020, when pandemic-related closures
pandemic did so by thoroughly ana- lyzing their finances and operations. “If things are going good, and you’ve got $1 to spend, you’re gonna say, ‘Sure, I’ll spend $1 on that,’” Felker said. “But if it’s your last dollar, and you’re about to spend it, you’re going to make darn sure that that dollar is going to come back to you, and hopefully with 50 cents back or $1 back, otherwise you’re not going to spend it.” The mindset Felker described is one that Crush Taco owner Mo Assi adopted, which allowed him to open a second restaurant in January. During the initial shutdowns, Assi said Crush Taco relied exclusively on delivery orders through third-party apps, such as DoorDash. Before the pandemic, delivery and takeout were about 40% of Crush Taco’s sales, Assi
resulted in vacancy jumping by more than 4 million square feet,” Rosenfeld said at the January event. “Our num- bers [going into 2022] look remarkably like those of ... 2019—one of the best years ever for our retail market.” Adapting inFrisco Tony Felker, the Frisco Chamber of Commerce President and CEO, said most businesses are “stronger” today than they were before the pandemic. “Every single business, no mat- ter what industry, has been forced to look at every single line item on their income side and every single line item on their expense side and really dig down deep and say, ‘Is this still what we need to be doing?’” Felker said. He added that the business own- ers who survived the worst of the
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