Aug 8, 2017
Austin’s boom as new retail looms
AUSTIN – Texas-based commercial real estate firm Weitzman says the Austin area has the strongest retail occupancy rate among major U.S. markets.A new report from Weitzman, a commercial real estate firm...
AUSTIN – Texas-based commercial real estate firm Weitzman says the Austin area has the strongest retail occupancy rate among major U.S. markets.
A new report from Weitzman, a commercial real estate firm with offices across Texas, found that the Austin metro area has the strongest retail occupancy rate among all major U.S. markets.
The rate currently sits at 96 percent, according to Weitzman.
That’s down slightly compared to a year ago, due mainly to several big-box retailers closing locations as they retrench or shut down altogether.
However, many of those spots won’t sit dark for long.
Total Wine & More, for instance, grabbed the Chair King spot at Mueller and a former OfficeMax near the Arboretum.
Nearby, a Sears Grand department store is downsizing to make room for a ten-screen AMC movie theater due to debut in 2019.
Central Texas added 1.1 million sf of retail space in 2016, with another 890,000 sf of space set to come online this year.
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