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
CONTINUED FROM 1
customers’ needs as the restaurant continues to see a return of guests in person. “We continue to strive for a guest- friendly experience to accommodate everyone, and that includes making things as clean and safe as possible,” Saunders said. That return to in-person shopping is something Texas-based commer- cial real estate rm Weitzman said is happening throughout the Dallas-Fort Worth metroplex. “We’re in a much better place today [than in March 2020],” Weitzman Executive Vice President Michelle Caplan said during the rm’s annual forecast in January. “Everyone from retailers to landlords to shoppers have all faced enormous challenges with innovation and ingenuity. We’ve nav- igated risk and achieved one of the greatest market turnarounds ever.” 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 Rosen- feld, Weitzman executive vice presi- dent 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 on what’s in the pipe- line, we expect 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,
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
just below its previously recorded highs of nearly 94% in 2019 and almost 95% in 1981. “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 at the January event. “Now our numbers [going into 2022] look remarkably like those of prepan- demic 2019—one of the best years ever Unlike other nearby cities, Rich- ardson is roughly 96% developed, according to city o cials. Manasseh Durkin, chair of the board of directors for the Richardson Chamber of Com- merce, said this lack of buildable land as well as recent shopping trends will for our retail market.” Adapting in Richardson
cause stores to shift toward smaller retail locations. “The consumer is now OK with going smaller into what I call micro-retail,” Durkin said. “It used to be an instant grati cation thing where I’d want to walk in [a store] and leave with a product. Now, Amazon and the big players have solved that for the most part where [any product] can come in two days.” The convenience of online shop- ping has shifted what needs to be pro- vided in stores, with many industries, including health care and housing, now incorporating online elements, Durkin said. “The way we’ve shopped has shifted,” Durkin said. “When I sawmy neighbors in their 80s having Uber eats delivered to their house, you
know the world has changed. The big box stores have been a dying thing for a while, and I think the novelty of that mix of everything is gone.” That change is also happening with restaurants, such as Velvet Taco and Piada Italian Street Food, Caplan said, with those two eateries modifying some of their existing restaurants to include digital drive-thru windows that allow customers to pick up online orders with minimal contact. A shift toward exible work space is also being incorporated into the design of new apartments and town- homes, according to Matt Enzler, a senior managing director with multi- family development company Tram- mell Crow Residential. The company has built multifamily developments in Richardson and throughout the
Join Our Team Hiring for All Shifts $ 15 00 / hr Earn Up to $18.50/hr.
Violin | Flute | Piano | Guitar | Voice
20% OFF
30% OFF flute lessons when mentioning this ad. EXP. 4/30/22
enrollment when mentioning this ad. EXP. 4/30/22
7940 North Central Expy. Dallas, TX 75206
1144 N. Plano Rd | musicsosimple.com | 469-778-2121
16
COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
Powered by FlippingBook