REAL ESTATE DFW’s retail market continues record-high occupancy despite legacy chain closures
COMPARING RETAIL SPACE ACROSS MARKETS Dallas-Fort Worth has the largest inventory of retail space, according to a July report. Inventory size (measured in millions of square feet)
demand we have and we’re staying that way because the construction [is] staying on the conservative side.” Zooming in Only 2021 and 2022 have seen lower construction totals since Weitzman began monitoring the market in 1990. In 2021, construction dropped below one million square feet for the first time in DFW since 1990. The construction climate differs from the 1980s and 1990s when lots of homes and retail spaces were built, Pierce said. On the other hand Despite this, construction is expected to increase in Celina, Anna, Princeton and Prosper over the next decade. Each community has a rapid growing population and major retailers like H-E-B and Costco have purchased land for potential new stores coming to these communities. The report highlighted several new retail projects expected to be delivered in 2023 or later including: • H-E-B McKinney, 8700 Eldorado Parkway
52.5M
Austin
BY COLBY FARR
200.2M
Dallas-Fort Worth
Halfway through 2023, occupancy rates are up and new construction is down in Dallas-Fort Worth’s retail market, according to a July report by real estate firm Weitzman. The details Weitzman reported an occupancy rate of about 94.5% across DFW’s 200 million square feet of retail space. It’s the largest inventory for any metro area in Texas. DFW is also projected to reach a record-low for new construction added. About 641,000 square feet is expected to be delivered by the end of 2023. “It’s what we call right-sized,” said Ian Pierce, Weitzman’s senior vice president of communications. “We don’t have too much space for the
165.2M
Houston
48.6M
San Antonio
SOURCE: WEITZMAN/COMMUNITY IMPACT
• Target, corner of Hwy. 380 and Preston Road, Prosper • H-E-B Frisco (second store), corner of Hwy. 380 and FM 423 • Costco Prosper, corner of Hwy. 380 and FM 1385 • Costco Celina, corner of Ownsby Parkway and Preston Road Also of note Closures of Bed Bath & Beyond and Tuesday Morning locations across the area will open up more than 500,000 square feet of retail space. The space will represent less than 0.5% of the
market’s retail inventory and outlook for backfilling those spaces is high due to retail demand. “New tenancy for existing retail centers is occurring throughout DFW in 2023, far outpacing the closings and enabling the market to maintain its record-high occupancy,” the report stated. The report highlighted several new leases in existing space including: • Barnes & Noble, 6101 Long Prairie Road, Flower Mound • Meow Wolf, 3000 Grapevine Mills Parkway, Ste. 253, Grapevine.
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MCKINNEY EDITION • AUGUST 2023
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