PLANO
METRO GROWTH
After seeing an increase in vacancy rates among commercial businesses in 2020, data from Weitzman shows those rates remained fairly steady for 2021 in Plano.
Weitzman said construction of new retail space throughout Dallas-Fort Worth was at an all-time low in 2021. The 640,000 square feet added was nearly half the previous low of 1.2 million square feet added in 2012.
PLANO
New space added
10,000 square feet
KEY
Occupied retail space decreased by
2019 - 1.8M square feet
14,550,790 218,021 SQ.FT. from 2020 to 2021
2020 - 1.7M square feet
1,374,722
2021 - 640,000 square feet
This was the rst time new construction was below 1 million square feet since the early 1990s.
Total retail square feet in 2021
Square feet vacancy in 2021
2022 - 2M square feet to be added
Vacancy Rates
2019 2020 2021
7.64%
9.25%
+1.27M
+2.6M
9.45%
Fort Worth area total change in occupied retail square feet from 2020 to 2021
Dallas area total change in occupied retail square feet from 2020 to 2021
NOW OUR NUMBERS [GOING INTO 2022] LOOK REMARKABLY LIKE THOSE OF PRE-PANDEMIC 2019—ONE OF THE BEST YEARS EVER FOR OUR RETAIL MARKET.
18M
50M
Square feet of retail space added to the Dallas-Fort Worth area between 2001 and 2011
Square feet of retail space added to the Dallas-Fort Worth area between 2012 and 2021
MATTHEW ROSENFELD, WEITZMAN EXECUTIVE VICE PRESIDENT AND DIRECTOR OF DFW BROKERAGE
work schedule and more work from home [opportunities] … so we need to be able to provide [work spaces] for them,” he said. ‘Tech andmortar’ Rosenfeld said grocery stores throughout the region have led the way in using digital tools to help phys- ical retailers meet changing customer needs. That is an approach Weitzman refers to as “tech and mortar.” “Without a doubt, COVID[-19] has transformed grocery shoppers’ behavior, and brick-and-mortar loca- tions [that] are o ering delivery and curbside pickup [are] bene ting,” Rosenfeld said. The region is seeing expansions from grocers, such as Kroger, Sprouts and HEB, according to the Weitzman
device data. CEOand co-founder Noam Ben-Zvi said he believes shopping cen- ters are “here to stay.” “People don’t want to sit at home and buy everything,” he said during the Weitzman livestream in January. Marsalis said that is especially true for unexpected items, such as medi- cine, or personalized gifts for events, such as birthdays and holidays. “We’re still a society that needs things immediately, in some cases,” she said. “When you’re sick, you need to go to the store and get the medicine right then. But I think [the pandemic] has really taught consumers how to plan ahead a little more.”
forecast. HEB has announced plans to open new stores in Plano and Frisco in 2022 and McKinney in 2023. The demand for Walmart’s pickup and delivery services has led the company to increase its order ful- llment capacity by 40% over the last two years, according to Lauren Willis, the retailer’s communications director for Texas. “The pandemic permanently changed how customers shop,” she said via email. To help meet customers’ new shop- ping patterns, Walmart is adding market ful llment centers to many existing stores, including one in Plano. These centers will help meet the demand for Walmart’s curbside pickup and delivery services through- out the metroplex.
“These local ful llment centers are built within or added to a store to hold thousands of items customers shop [for] themost—frompantry, frozen and chilled foods to consumables and elec- tronics—all in one exible space,”Willis said. Looking ahead While not all the pandemic-related changes retailers have made are likely to last, Marsalis said she believes the emphasis on tech and mortar is here to stay for Plano businesses. “I think it will be very hard for busi- nesses to continue to compete if they don’t continue to o er [online] ser- vices,” she said. Location data analytics rmPlacer.ai tracks consumer foot tra c for retail and real estate companies usingmobile
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PLANO SOUTH EDITION • MARCH 2022
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