REAL ESTATE Weitzman report shows record year in DFW retail market in 2022
RECORD YEAR FOR RETAIL IN DALLAS-FORT WORTH Weitzman reported the highest occupancy rate and lowest total of square footage in Dallas-Fort Worth’s market since it started surveying the market in 1990.
2020
2021
2022
Square feet of retail space
Square feet of new construction
Revitalizing retail centers was essential to 2022’s success in Dal- las-Fort Worth’s real estate market, according to the annual forecast by Weitzman. The Texas-based real estate firm reported occupancy rates in Dal- las-Fort Worth that exceeded 94% in 2022 for the first time in the compa- ny’s history since starting in 1990. Weitzman’s annual forecast was held Jan. 10 in the George W. Bush Presi- dential Center in Dallas. The forecast’s data is based on 1,400 shopping centers totaling more than 200 million square feet across the metroplex. The report found occupancy rates, which refers to the amount of filled leasing space in developed retail areas, reached 93.8% in Dallas and 95.6% in Fort Worth. Occupancy rates were 96.5% in Austin, 95.1% in Houston and 94.5% in San Antonio. BY COLBY FARR & HANNAH JOHNSON
“2022 is truly a year for the record books,” Weitzman Executive Manag- ing Director Robert Young said. Retail spaces are broken down into five categories in the presentation: communities center, neighborhoods centers, malls, mixed-use develop- ments and power centers. A community center features real estate space for daily needs and is anchored by a grocery store. These centers hit 95.2% occupancy in 2022, the report stated. Neighborhood centers reached 94.3% occupancy. These centers provide consumer options with takeout and drive-thrus, Young said. Malls reached 90.7% occupancy, the report stated. Mixed-use is a small, but active, category with 95.2% occupancy, he said. Power centers are anchored by big-box retailers and are at 94.8% occupancy.
200M
1.7M
200.2M
640K 604.7K
199.6M
Occupancy rate (of existing retail space)
91.7%
93.5%
94.4%
COMPARING TARRANT COUNTY VACANCY RATES Retail vacancy fell by about 54.7% between 2021 and 2022 in northeast Tarrant County, according to Weitzman’s 2023 report. Keller, Roanoke, Grapevine, Colleyville and Southlake retail figures are included.
2021
2022
Gross retail space (measured in square feet)
Vacancy (measured in square feet)
9.8M
485.3K
9.4M
211.1K
Vacancy rate (of existing retail space)
4.92%
2.23%
SOURCES: WEITZMAN 2023 TEXAS RETAIL MARKET REPORT, TEXAS DEPARTMENT OF LICENSING AND REGULATION/COMMUNITY IMPACT
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