DFW 2016 retail vacancies hit 31-year lowDFW 2016 retail vacancies hit 31-year lowhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=117592016-01-19T06:00:00Z2016-01-19T21:00:00Z

​​​DALLAS/ FORT WORTH - Despite challenges of storefront retailing in the e-commerce age, DFW shopping center vacancies are starting out 2016 with the lowest vacancy in 31 years.

Only about 8 percent of North Texas’ retail space is now empty, according to the 2016 Shopping Center Survey and Forecast by Weitzman ​​Group​.

The commercial real estate firm has been tracking the DFW retail market for 25 years, and 2015 had the lowest overall vacancy since 1984.

Developers and retailers opened about 2.7 million sf of DFW shopping center space last year, up from 2 million sf in 2014.

Most of the rest of last year’s retail construction in North Texas was from expanding grocers — including Kroger, Walmart, WinCo, Sprouts, Fresh Market and Whole Foods.

The top markets for new shops in 2015 included Denton and the Colony, Lewisville-Flower Mound, Bedford-Euless and North Dallas.

Net retail leasing in North Texas last year was the strongest in more than a decade — about 4.5 million sf. That’s almost double 2014’s net leasing.

Weitzman Group Chairman Herbert Weitzman said the shopping center market in the DFW area is the best he’s seen in 31 years.

The outlook for 2016 is for continued low retail vacancy levels.

Without the opening of the Nebraska Furniture Mart to boost the numbers, total construction this year and net leasing will decline a bit from 2015 levels.

Weitzman Group is forecasting about 1.8 million sf of new DFW shops for 2016 and 3 million sf of net leasing.

But new mixed-use developments — like those now being built in Plano, Frisco and Richardson — will add shopping space along with their apartments and offices.

Dallas Morning News
Dallas-Fort Worth-Arlington

​Visit DFW Retail Market Research to see all of the latest reports.

Read more at the {Source}

 Search NewsTalk Texas