Retail drives Tyler commercial real estateRetail drives Tyler commercial real estatehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=8442015-06-04T12:00:00Z2015-06-04T00:00:00Z

TYLER - Retail drove the Tyler commercial real estate market in 2014, a new survey shows. Burns Commercial Property’s 2015 Retail Market Survey said that 66 properties moved last year, with a total square footage of 2.86 million sf — an increase of 6.3 percent over 2013.

And although five of the 66 properties were new retail shopping centers, including a big portion of the Village at Cumberland Park, occupancy rates still rose to 87.8 percent, up from last year’s 87.3 percent.

The average lease rate for Tyler retail properties included in the survey is $15.73 per sf. That’s up from last year’s $15.09, and a bigger jump from 2013’s $14.55.

The most visible retail development in Tyler is the opening of portions of the Village at Cumberland Park, 8730 S. Broadway Ave.

The 78-acre development, just north of Toll 49, will soon total 700,000 sf of retail space. About 375,000 sf of space has opened to the public so far.

Tyler Morning Telegraph
http://www.tylerpaper.com/TP-News+Local/219098/retail-growth-continues-to-drive-marketRead more at {Source}

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