Retail growth steers Tyler market up

TYLER – Retail drove the Tyler commercial real estate market in 2014, as Burns Commercial Property’s 2015 Retail Market Survey said that 66 properties moved last year, with a total of 2.86 million sf — an increase of 6.3 percent over 2013.

Although five of the 66 properties were new retail shopping centers — including a big portion of the Village at Cumberland Park — occupancy rates still rose to 87.8 percent, up from last year’s 87.3 percent.

The average lease rate for Tyler retail properties included in the survey is $15.73 per sf. That is up from last year’s $15.09, and a bigger jump from 2013’s $14.55.

The most visible retail development in Tyler is the opening of portions of the Village at Cumberland Park, 8730 S. Broadway Ave. The 78-acre development, just north of Toll 49, will soon total 700,000 sf of retail space. About 375,000 sf of space has opened to the public so far.

Studio Movie Grill, a 42,000-sf movie theater with fast casual dining and ten movie screens, opened last week.

“National and regional retail chains have discovered that Tyler is an attractive market, as the trade area contains an approximate population of 415,000,” said Taylor Burns, owner of Burns Commercial Properties. “The diverse retails selection, along with the outstanding medical facilities in Tyler, causes many citizens of surrounding towns to drive to Tyler on a daily basis.”