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CBRE: DFW retail 1Q 2014CBRE: DFW retail 1Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=40132014-06-05T12:24:00Z2014-06-05T06:28:00Z

DALLAS-FORT WORTH - Retail occupancy climbed to a record high level in first quarter 2014, according to CBRE’s 1Q 2014 Retail Marketview.

Total net absorption was positive in DFW for the 15th consecutive quarter in 1Q 2014, driving vacancy down to 8.1 percent and placing upward pressure on rental rates.

Given solid demand for new retail space in DFW, it comes as no surprise that construction activity increased during 1Q 2014. Over 730,000 sf of retail space broke ground in 1Q 2014, bringing the amount under construction up to 2.6 million sf.

Elevated occupancy and an increasingly landlord-favorable market has caused DFW’s average asking lease rate to tick upward yet again in 1Q 2014, increasing by $0.59 per sf over the quarter to reach $13.82 per sf. Over the past 12 months, this rate has increased by $0.90 per sf.

Total retail sales in DFW grew 7.1 percent over the past year, and DFW per capita income, at $46,755, grew 1.5 percent from 1Q 2013 to 1Q 2014, according to Moody’s Analytics.

Below are the five submarkets in DFW with the lowest vacancy rates.

DFW Market Snapshot by Vacancy
Market Net
Rentable SF
Total
Vacant SF
Total
Vacant
Avg.
Asking
Rent
2014 YTD Total
Net Absorption
East Dallas Outlying 3,418,286 129,640 3.8% $19.40 -9,765
Central Dallas 9,264,531 472,101 5.1% $18.44 5,071
Near North Dallas 22,467,322 1,414,634 6.3% $14.93 3,413
Southeast Dallas 13,266,253 901,427 6.8% $11.79 43,776
Mid-Cities 49,659,886 3,499,801 7.0% $13.87 250,065
TOTAL Dallas 179,032,450 14,963,586 8.4% $14.58 562,748
TOTAL Fort Worth 94,730,590 7,314,795 7.7% $12.36 598,515
TOTAL DFW 273,763,040 22,278,381 8.1% $13.82 1,161,263

Source: CBRE Research

Read more at CBRE. For more information on retail and other sectors, see DFW Market Data Sources.

CBRE
Dallas-Fort Worth-Arlington
Retail
http://www.cbre.us/research/pages/local-reports.aspxRead more at {Source}

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