Plano South | March 2022

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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Worth metroplex, according to Tex- as-based commercial real estate rm Weitzman. “We’re in a much better place today [than March 2020],” Weitzman Exec- utive Vice President Michelle Caplan said during the rm’s annual forecast that was livestreamed in January. “We’ve navigated risk and achieved one of the greatest market turn- arounds ever.” As part of its report,Weitzmannoted construction of new business space was at an all-time low in 2021, with just 640,000 square feet added. That was nearly half the previous record low of 1.2 million square feet built in 2012, according to Matthew Rosenfeld, Weitzman executive 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 onwhat’s in the pipeline, we expect [brand new] construction to total approximately 2 million square feet [in 2022],” Caplan said. “That’s more than double the 2021 total, but it remains on the conservative side.” The Weitzman forecast also found retail occupancy was at 93.5% throughout the region at the end of 2021. That rate was the third highest total the rm has recorded for DFW, just below its previously recorded highs of nearly 94% in 2019 and almost 95% in 1981. The rm’s data is basedonmore than 1,400 shopping centers totaling more than 200 million square feet of retail space across the metroplex. Weitz- man’s forecast for this year expects retail occupancy to increase to 95%. The retail leasing market was also the third strongest the rm has seen in 22 years, according to Rosenfeld.

380

DENTON

DNT TOLL

MCKINNEY

ADDISON

FRISCO

CARROLLTON

SRT TOLL

Retail space leased in square feet

ALLEN

ROANOKE WESTLAKE TROPHY CLUB

HIGHLAND VILLAGE

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

PLANO

MURPHY

LEWISVILLE

FLOWER MOUND

NORTHEAST FORT WORTH

35E

WYLIE

PGBT TOLL

RICHARDSON

FAR NORTH DALLAS

SACHSE

COPPELL

SOUTHLAKE

FARMERS BRANCH

COLLEYVILLE

KELLER

GARLAND ROWLETT

GRAPEVINE

NORTH RICHLAND HILLS

NORTH DALLAS

635

EULESS

NORTHWEST FORT WORTH

NORTHEAST DALLAS

IRVING

FORT WORTH CBD*

161

PARK CITIES OAK LAWN

121

WEST DALLAS

DALLAS CBD*

MESQUITE

SOUTHEAST DALLAS

SOUTHEAST FORT WORTH

SOUTHWEST DALLAS

ARLINGTON

*CENTRAL BUSINESS DISTRICT

35W

35E

GRAND PRAIRIE

NOTE: AREA DESIGNATIONS WERE MADE BY TEXASBASED 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

DESOTO LANCASTER

HURST

CEDAR HILL

DUNCANVILLE

MAP NOT TO SCALE N

BEDFORD

SOURCE: WEITZMANCOMMUNITY IMPACT NEWSPAPER

“This is [a] complete reversal from 2020, when pandemic-related clo- sures resulted in vacancy jumping by more than 4 million square feet,” Rosenfeld said during the January livestream. “Now our numbers [going into 2022] look remarkably like those of pre-pandemic 2019—one of the best years ever for our retail market.” Adapting in Plano Kelle Marsalis, Plano Chamber of Commerce president and CEO, said the pandemic has accelerated issues, such as stang shortages and supply chain concerns, for many retailers. “I have seen a lot of our smaller businesses … oer more online order- ing and online purchasing [over the last two years],” Marsalis said. “That is something that was probably always

going to happen, but [the pandemic] has denitely sped up people’s willing- ness to take that jump.” Plano is also home to a number of corporate and regional headquarters for companies, such as Toyota Motor North America and Liberty Mutual Insurance. Marsalis said companies like those are now oering more exi- bility in workplaces for employees. “You see more hiring in nontra- ditional sectors, like stay-at-home moms, and [a] willingness to work with folks based on the need for talent over needing someone whose sched- ule is wide open,” she said. That shift in work environments is also being incorporated into the design of new apartments and townhomes, according to Matt Enzler, a senior managing director with multifamily

development company Trammell Crow Residential. The company has built multifamily developments in Plano and throughout the metroplex. “We’re adding more home oce- type options, whether it’s a full ded- icated study or if it’s just adding a spot … for a [personal] workspace,” Enzler said. “Then outside the unit we’ve added, for all of our new devel- opments, … more workspace [for residents].” While Trammell Crow was incor- porating many of these options into designs even before the pandemic began, Enzler said the company has put more of an emphasis on these features, and he expects that will continue. “I don’t think there’s any ques- tion people will have a more exible

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