DFW shopping space vacancies fall while leasing grows

DALLAS-FORT WORTH – Strong leasing is pushing North Texas shopping center vacancies to the lowest level since before the recession, according to a new report by Marcus & Millichap.

The commercial real estate firm says that only about 7 percent of DFW retail space is empty at midyear and vacancies are expected to fall further through the end of 2015.

Almost 90 percent of the retail construction underway in the DFW area is already rented to tenants.

Developers have finished about 4.6 million sf of new shopping space during the 12 months ending with June. The largest chunk was in the 560,000-sf Nebraska Furniture Mart store in the Colony.

For all of 2015, Marcus & Millichap estimates about 3 million sf of new shopping space will open its doors in North Texas — about the same as in 2014.

See Marcus & Millichap Local Retail Reports for free registration.

tag: DFW Market Research (retail, office, industrial, multifamily), DFW NewsTalk retail