Metroplex among top five nationally in retail completions

​​​DALLAS – North Texas economic growth is keeping the region’s retail market healthy, according to Marcus & Millichap’s Third Quarter 2016 Retail Research Market Report. 

The Metroplex will be in the top five in the nation for retail completions this year, the report says.

The report also noted:

• The private and public sectors will add 105,000 jobs this year for an annual expansion of 3.0
  percent. Employers hiring in the trade, transportation, and utilities industries, as well as professional
  and business services, will lead job creation this year. In 2015, payrolls grew by 126,800.
• Developers will complete 2.5 million sf of retail space in the Metroplex, less
  than half of the space delivered in 2015.
• Retailer demand is strong for space in the market, and vacancy will fall 60 basis points this year
  to 5.6 percent, or 390 basis points below the peak achieved in 2010. Last year, the rate dropped
  70 basis points on net absorption of nearly 7.3 million sf. 
• Retail property operations will continue to improve this year, and the average asking rent will
  advance 2.8 percent from the end of 2015 to $15.07 per sf. Last year, the average
  asking rent ticked up 2.2 percent.