RICHARDSON
METRO GROWTH
After seeing an increase in commercial business vacancy rates in 2020, commercial real estate rm Weitzman shows 2021 rates dropped below the 2020 total to under 10% in Richardson.
Weitzman’s data showed 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.
RICHARDSON
New space added
10,000 square feet
KEY
2019 - 1.8M square feet
3,947,615 +141,089 SQ. FT.
Occupied retail space from 2020 to 2021
2020 - 1.7M square feet
374,996
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
Square feet vacant
2022 - 2M square feet to be added
Vacancy rates
2019 2020 2021
7.5%
13.07%
+1.27M
+2.6M
9.5%
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
WE’RE IN A MUCH BETTER PLACE TODAY [THAN IN MARCH 2020]. WE’VE NAVIGATED RISK AND ACHIEVED ONE OF THE GREATEST MARKET TURNAROUNDS EVER. MICHELLE CAPLAN , WEITZMAN EXECUTIVE VICE PRESIDENT
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
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 necessarily want to live and work in the same spot 24 hours a day.” ‘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, an approach Weitzman refers to as “tech and mortar.” “Without a doubt, COVID[-19] has transformed grocery shoppers’ behavior, and brick-and-mortar
locations [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 theWeitzman 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 com- pany to increase its order ful llment capacity by 40%over the last two years, according to LaurenWillis, the retailer’s communications director for Texas. To help meet customers’ new shop- ping patterns, Walmart is adding market ful llment centers to many existing stores, including the for- mer supercenter near Richardson at 13739 N. Central Expressway. These
ai tracks consumer foot tra c for retail and real estate companies using mobile device data. CEO and co-founder Noam Ben-Zvi said he believes shopping centers are “here to stay.” “Even when people [were] stuck at home, they still managed to some- how spend a lot of money oine,” Ben-Zvi said during the Weitzman forecast livestream in January. “Peo- ple don’t want to sit at home and buy everything.” Even with a return to in-person shopping and dining, Saunders said businesses should still plan to expect the unexpected.
centers will help meet the demand for Walmart’s contactless pickup and delivery services in those cities and throughout the metroplex. Looking ahead While businesses continue to focus their e orts on online shopping, Durkin said he believes the industry is going to have a shift back to brick and mortar, but mostly for solving the problem of returning items. “If people want a pair of boots or whatever clothing you want, they’re going to need to walk into a little tiny retail store and try it on,” Durkin said. “If they like it, they will [order it online], and it’s going to come to their house in an Amazon delivery in two days. That’s the future of retail.” Location data analytics rm Placer.
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RICHARDSON EDITION • MARCH 2022
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