Weitzman retail: Austin higher rents in store as population soarsWeitzman retail: Austin higher rents in store as population soarshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=118042016-01-21T06:00:00Z2016-01-21T20:00:00Z

​​AUSTIN - Austin keeps growing but the retail market doesn't appear to be keeping pace. ​

Less than 1 million sf of new retail space was delivered in the Austin area in 2015 — a decline of 300,000 sf from 2014.

Weitzman/Cencor has released its 2016 Weitzman Shopping Center Survey & Forecast​ and the market dynamics lead to one conclusion: retail space is going to keep getting more expensive.

The highest lease rates currently are for tenants in new construction developments, commanding rents of between $35 and $40 per sf.

Occupancy keeps inching upward and is now at 96 percent citywide, one of the tightest years on record.

The report highlights recent and future retail developments that are coming online.

The developments include:

  • The Oaks at Lakeway, a 175,000-sf neighborhood center anchored by an HEB Grocery Co. Located off RR 620 in Lakeway, the center initially opened fall 2015 and is continuing deliveries at this moment.
  • Lamar Union on South Lamar Union also opened last year and continues to deliver final phases.
  • Lamar Central at 3800 N. Lamar Blvd. is an office and retail project, which is currently moving in new tenants — including Kendra Scott jewelry and Snooze, a breakfast eatery.
  • Rock Rose at The Domain, which includes about 100,000 sf of new retail and a 123,000-sf Nordstrom department store that is under construction nearby.
  • Saks Fifth Avenue Off 5th will open this spring in a 50,000-sf space at Gateway Shopping Center, 9607 Research Blvd.
  • Crystal Falls Town Center, a 94,000-sf Randalls grocery-anchored shopping center, is under construction in Leander and is scheduled to open in fall 2016.
  • Belterra Village, a 300,000-sf retail project on 90 acres near US 290 and Nutty Brown Rd., is slated to begin delivering retail this year.
  • ​Phase III of Round Rock Crossing at I-35 and SH 45 in Round Rock is scheduled to start this year, adding 90,000 sf.
Weitzman Cencor
Austin-Round Rock

​Informat​ion was also used from the Austin Business JournalFor more reports on the Austin retail market, visit Austin Retail Market Research. 

See the full report at {Source}

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