NORTHEAST TARRANT COUNTY
METRO GROWTH
After seeing an increase in commercial business vacancy rates in 2020, Weitzman shows 2021 rates dropped to a level below the 2019 total in Northeast Tarrant County, which includes Grapevine, Colleyville, Southlake, Keller and Roanoke.
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.
ROANOKE
TROPHY CLUB
WESTLAKE
New space added
10,000 square feet
KEY
2019 - 1.8M square feet
SOUTHLAKE
117,605 SQ.FT. Occupied retail space increased by from 2020 to 2021 9,855,846
KELLER
GRAPEVINE
2020 - 1.7M square feet
COLLEYVILLE
2021 - 640,000 square feet
485,318
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 vacant in 2021
2022 - 2M square feet to be added
Vacancy Rates 2019
4.94%
2020 2021
6.12%
1.27M
2.6M
4.92%
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
on its website to open a new restau- rant at 440 W. Hwy. 114 in Grapevine. A shift in work environments in recent years 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 com- pany has built multifamily develop- ments throughout the metroplex. “We’re adding more home o ce- type options, whether it’s a full dedi- cated 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 develop- ments, … more workspace. You don’t necessarilywant to live andwork in the same spot 24 hours a day.” While Trammell Crow was
kind of addressing things. There were a lot of retailers who never would have considered [doing] online orders and had to sit down and gure out how to make that happen,” Giacmarro said. “I think most of them bene ted in the end of it, but they were kind of pushed into that.” The future of business looks bright as interest in Texas, the Dallas-Fort Worth area and Grapevine stays con- sistent, Giacomarro said. “We are super competitive, espe- cially coming out of what’s happen- ing now that we’ve recovered very quickly,” Giacomarro said. “So there is just a lot of optimism.”
incorporating many of these options into designs even before the pandemic began, Enzler said the companyhas 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 work schedule and more work from home [opportunities] … so we need to be able to provide [work spaces] for them,” he said. Businesses on Main Street in Grape- vine also had to learn how to adapt quickly, said Garin Giacomarro, the city’s assistant director of economic development. Giacomarro said many Grapevine businesses reported March 2021 was the best spring season their business had ever had. “There’s a lot of pent-up demand and a lot of customer support. So, we’re
feeling pretty good.” Giacomarro said. ‘Tech andmortar’ Weitzman’s Rosenfeld said grocery stores throughout the region have led the way in using digital tools to help physical 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. Many Grapevine businesses ben- e ted from this tech and mortar approach, Giacomarro said. “[We] saw a lot of determination ... a lot of creativity about how they were
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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION • MARCH 2022
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