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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“We’re in a much better place today [than March 2020],” Weitzman Executive Vice President Michelle Caplan said during the firm’s annual forecast that was livestreamed in January. “Everyone from retailers to landlords to shoppers … have all faced enormous challenges with innovation and ingenuity.” The innovation that Caplan ref- erenced is part of what led to Carpe Diem Comics’ expansion. “We moved here, and quickly we knew we needed one employee just because the space was so big,” Wiley said. “Then we had to add another employee because there was so much going on.” 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 DFW brokerage. How- ever, 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 pipeline, 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 firm has recorded for DFW, just below its previously recorded highs of nearly 94% in 2019 and almost 95% in 1981. The firm’s data is based on more than 1,400 shopping centers totaling
DENTON
MCKINNEY
ADDISON
FRISCO
CARROLLTON
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
NORTHEAST FORT WORTH
WYLIE
RICHARDSON
FAR NORTH DALLAS
SACHSE
COPPELL
SOUTHLAKE
FARMERS BRANCH
COLLEYVILLE
KELLER
GARLAND ROWLETT
GRAPEVINE
NORTH RICHLAND HILLS
NORTH DALLAS
EULESS
NORTHWEST FORT WORTH
NORTHEAST DALLAS
IRVING
FORT WORTH CBD*
PARK CITIES/ OAK LAWN
WEST DALLAS
DALLAS CBD*
MESQUITE
SOUTHEAST DALLAS
SOUTHEAST FORT WORTH
SOUTHWEST DALLAS
ARLINGTON
*CENTRAL BUSINESS DISTRICT
GRAND PRAIRIE
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.
SOUTHWEST FORT WORTH
DESOTO LANCASTER
HURST
CEDAR HILL
DUNCANVILLE
MAP NOT TO SCALE N
SOURCE: WEITZMAN/COMMUNITY IMPACT NEWSPAPER
BEDFORD
more than 200 million square feet of retail space across DFW. Weitzman’s forecast for this year expects retail occupancy to increase to 95%. The retail leasing market, which refers to newly available space, was also the third strongest the firm has seen in 22 years, Rosenfeld said. “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 for our retail market.” Adapting inMcKinney The adjustments Carpe Diem Com- ics made are ones that most business
owners who are operating today also made, said Cindy Schneible, presi- dent of the McKinney Community Development Corp. “You have a component of your business that is attractive to peo- ple who want to be actually in the store and come in and shop, but you also have to make yourself available through other means,” she said. Schneible added that many busi- nesses had likely planned to have online platforms prepandemic, but COVID-19 “accelerated” the process. She cited Spoons Cafe in down- town McKinney. Shortly after the pandemic began, the restaurant pivoted in a way beyond to-go and curbside pickup orders. The web- site now includes “Spoons Fed,” the restaurant’s meal delivery service
reminiscent of HelloFresh. The service includes ready-to-eat, prepackaged meals that can either be delivered or picked up from the restaurant. McKinney’s alcohol industry received a similar boost thanks to a June 2020 amendment to the city’s code of ordinances. The amendment allowed open alcohol containers in public places in an effort to help businesses affected by the pandemic, officials said. In addition to businesses, the area has seen a shift in the way apartments and townhomes are designed, said Matt Enzler, a senior managing direc- tor with multifamily development company Trammell Crow Residen- tial. The company has built multi- family developments in McKinney
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