Real estate
BY COLBY FARR
DFW sees record retail occupancy
Looking ahead
Most new construction will come from grocery store chains and other anchor stores, Young said. At least 14 new grocery stores will open in 2024 or will be under construction. In 2023, H-E-B’s new stores in McKinney and Allen accounted for 22% of all space.
In 2023, Dallas-Fort Worth’s retail market experienced the highest occupancy rate in more than 40 years, according to Texas-based real estate firm Weitzman’s latest annual forecast. Dallas-Fort Worth finished the year with a record- high occupancy rate of 95.2%, 1.8 million square feet of space absorbed and more than 1 million square feet of new construction. The new record comes after occupancy rates exceeded 94% for the first time in Weitzman’s history in 2022. “In 2023, I along with many of us saw something we’ve never seen,” Executive Managing Director Robert Young said. “DFW’s retail market reached and it surpassed the highest occupancy rate ever.” The second highest occupancy rate occurred in 1981, when it was reported at 94.8%, Young said. In 2024, Weitzman expects the retail market to remain stable and end the year at 95.8% leased. Weitzman is anticipating nearly 2 million square feet of new construction to be delivered this year.
New construction Retail chains such as H-E-B and Target were responsible for much of the space added in 2023.
2M
1.5M
1M
500K
0 500K 1M 1.5M 2M
New construction in square feet
0
2023
2024*
SOURCE: WEITZMAN/COMMUNITY IMPACT
SOURCE: WEITZMAN/COMMUNITY IMPACT
*PROJECTED
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