MCKINNEY
METRO GROWTH
Data from Texas-based real estate firm Weitzman show construction of new retail space throughout Dallas-Fort Worth was at a record low in 2021. The 640,000 square feet added was nearly half the previous low of 1.2 million square feet added in 2012.
McKinney saw commercial business vacancy rates increase in 2020. In 2021, the rate dropped closer to prepandemic levels.
MCKINNEY
New space added
10,000 square feet
KEY
2019 - 1.8M square feet
190,095 5,119,590
total retail square feet
2020 - 1.7M square feet
124,898
2021 - 640,000 square feet
This was the first time new construction was below 1 million square feet since the early 1990s.
square feet vacant in 2020 square feet vacant in 2021
2022 - 2M square feet to be added
Vacancy rates
2019 2020 2021
2.13%
3.71%
+1.27M
+2.6M
2.44%
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 PREPANDEMIC 2019— ONE OF THE BEST YEARS EVER FOR OUR RETAIL MARKET. MATTHEW ROSENFELD, WEITZMAN EXECUTIVE VICE PRESIDENT AND DIRECTOR OF DFW BROKERAGE
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
SOURCE: WEITZMAN/COMMUNITY IMPACT NEWSPAPER
SOURCE: WEITZMAN/COMMUNITY IMPACT NEWSPAPER
and more throughout the metroplex. “We’re adding more home office- type options,” Enzler said. “Then outside the unit we’ve added ... 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 physical retailers meet changing cus- tomer needs. Weitzman calls that approach “tech and mortar.” “Without a doubt, COVID[-19] has transformed grocery shoppers’ behavior, and brick-and-mortar loca- tions [that] are offering delivery and curbside pickup [are] benefiting,” Rosenfeld said.
“You had all this stuff that people were buying before and now they’re not buying [those things], and all this stuff that they were buying before but [the amount has] suddenly exploded,” Wiley said. “I don’t even know how to order right now.” What is likely to remain is the need for businesses to operate both in per- son and online, Schneible said. “When things started to open up again, the thing that we observed was how much people look forward to actually being in a place,” she said. “You can’t replace that, but you can, when times call for it, adapt to do your business in a different way.”
The region is seeing expansions from grocers, such as Kroger and H-E-B, according to the Weitzman forecast. H-E-B has announced plans to open new stores in McKinney in 2023 and in Plano and Frisco in 2022. The demand for Walmart’s pickup and delivery services has led the company to increase its order ful- fillment capacity by 40% over the last two years, according to Lauren Willis, the retailer’s communications director for Texas. To help meet customers’ new shopping patterns, Walmart is add- ing market fulfillment centers to many existing stores, including ones in Plano and Lewisville. These cen- ters will help meet the demand for Walmart’s contactless pickup and delivery services in those cities and
throughout the metroplex. “Think of [these centers] as a con- densed, modular warehouse in a number of Walmart stores across the country,” Willis said. “These local fulfillment centers are built within or added to a store to hold thousands of items customers shop [for] themost— from pantry, frozen and chilled foods to consumables and electronics—all in one flexible space.” Looking ahead While some effects of the pan- demic may not be long term, others have yet to see an end. Childs-Wi- ley said because the early days of the pandemic found people in their homes for extended periods of time, the demand for collectible items, such as Pokemon cards, skyrocketed.
For more information, visit communityimpact.com .
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