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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Texas-based commercial real estate rmWeitzman. “Everyone from retailers to land- lords to shoppers... have all faced enormous challenges with innovation and ingenuity. We’ve navigated risk and achieved one of the greatest mar- ket turnarounds ever.” Lo said that one thing that has helped keep Pokeworks going strong is its online ordering system. “Right now, about one-third of our sales are takeout,” Lo said. “That is getting closer and closer to half.” Having a place where people could dine safely was also a priority, Lo said. “When I built the restaurant, I knew I wanted a patio outside so that people could stay and eat here for a bit like they did before,” Lo said. “Everyone is kind of ready to get back to their normal lives.” That return to in-person shopping and dining is something Weitzman said is happening throughout the Dal- las-Fort Worth metroplex. “People don’t want to sit at home and buy everything,” said Noam Ben- Zvi CEO and co-founder of location data analytics rmPlacer.ai. The com- pany tracks consumer foot tra c for retail and real estate companies using mobile device data. Ben-Zvi said at the January event that he believes shopping centers are “here to stay.” 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 executive vice president and director of brokerage for DFW. However, increased demand for retail space and rising occupancy rates are expected to help turn things around
35
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
75
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
30
FORT WORTH CBD*
161
PARK CITIES OAK LAWN
121
WEST DALLAS
DALLAS CBD*
MESQUITE
SOUTHEAST DALLAS
30
SOUTHEAST FORT WORTH
SOUTHWEST DALLAS
ARLINGTON
*CENTRAL BUSINESS DISTRICT
35W
20
35E
GRAND PRAIRIE
45
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.
20
SOUTHWEST FORT WORTH
DESOTO LANCASTER
HURST
CEDAR HILL
DUNCANVILLE
MAP NOT TO SCALE N
BEDFORD
SOURCE: WEITZMAN COMMUNITY IMPACT NEWSPAPER
in 2022, according to the forecast. “We expect construction to total approximately 2 million square feet [in 2022],” Caplan said. 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 based on 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 in 2021 was also the third strongest the rm has seen in 22 years, according to Rosenfeld.
to discover.” Of those adaptations, Rose said she noticed curbside pickup at both restau- rants and retail shops became preva- lent—and stayed prevalent. “I feel like ‘curbside’ became much more of a buzzword than it ever was before,” Rose said. “Before you’d see maybe a [parking] space or two des- ignated to that, but you quickly saw so many of those. Now, they’re still everywhere.” That change is also happening with restaurants, such as Velvet Taco, Caplan said. That eatery and others are modifying some of their existing restaurants to include digital drive- thru windows that allow customers to pick up online orders with minimal contact, she said. Velvet Taco has announced plans
“This is [a] complete reversal from 2020, when pandemic-related clo- sures resulted in vacancy jumping by more than 4 million square feet,” Ros- enfeld said at the January forecast. “Now our numbers [going into 2022] look remarkably like those of pre-pan- demic 2019—one of the best years ever for our retail market.” Adapting inGrapevine and Colleyville While restaurants and smaller busi- nesses su ered at theheight of the pan- demic, Chelsea Rose, the Colleyville Chamber of Commerce president, said nancial advisers did lunch-and-learn events through the chamber to help. “[Advisors] were able to educate during that time of uncertainty,” Rose said. ”There were a lot of really cre- ative things that [businesses] were able
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
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