Weitzman: Austin midyear 2014 retail reportWeitzman: Austin midyear 2014 retail reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=34832014-07-30T15:57:00Z2014-07-30T00:00:00Z

AUSTIN - The retail real estate market is growing tighter as population increases, but retail development remains spare. The market-wide occupancy rate is 95.6 percent, the highest since late 2004, according to the latest report by The Weitzman Group.

Rental rates are increasing as a result of the constricted marketplace. Now, Class A spaces command $30 per sf or more. The best locations are netting $40 per sf. Class B properties are commanding 5 percent average increases to between $18 and $25 per sf. Class C properties are generating rents of $14 to $18 per sf.

The midyear report indicates a critically low supply of Class A retail space, though about 30 small retail strip centers are opening or underway.

A few larger projects have debuted in the past six months, but they are largely big-box stores in Cedar Park, Elgin and Manor. A Walmart in Kyle will open later this year or in early 2015. Sam’s Club, the wholesale division of Walmart, will open a new store near Lakeline Mall in the far northwest Austin submarket this fall.

Read more at the Austin Business Journal.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2014/07/austin-retail-96-booked-restaurants-including.htmlRead more at {Source}

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