How three Texas metros fit in the U.S. retail mix | How three Texas metros fit in the U.S. retail mix | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=864 | 2015-06-02T11:11:00Z | 2015-06-02T00:00:00Z |
DFW, HOUSTON, SAN ANTONIO - The U.S. economy remained sluggish in first quarter 2015 as the U.S. gross domestic product (GDP) increased at an annualized rate of 0.2 percent, a further slowdown from the already sluggish 2.2 percent rate of growth recorded in fourth quarter 2014.
Despite the temporary economic lull in the first quarter, the Consumer Confidence Index as measured by the Conference Board rose above 100 for the first time since 3Q 2007.
Notably, cap rates for urban/storefront assets averaged 5.0 percent, providing further evidence of the sector’s popularity.
Geographically, Manhattan and Los Angeles led all other U.S. markets in first quarter retail transaction volume by a sizeable amount, totaling $6.5 billion and $6.2 billion, respectively.
Other top five markets included Chicago, Dallas and the outer boroughs of New York City, all of which recorded transaction volume of $2.0 billion or more.
U.S. Market Statistics*
Market** |
Inventory
(SF) |
Vacancy
Rate |
YTD
Net
Absorption |
YTD
Deliveries
(SF) |
Under
Const.
(SF) |
Avg.
Asking
Rent
($/PSF/
YR) |
Chicago |
511,826,793 |
8.4% |
15,195 |
215,888 |
2,133,460 |
$15.85 |
Dallas-Fort Worth |
389,652,139 |
6.6% |
1,294,563 |
947,892 |
3,484,073 |
$14.19 |
Houston |
350,795,981 |
5.6% |
598,126 |
628,889 |
1,667,297 |
$15.28 |
Atlanta |
349,588,959 |
8.3% |
212,045 |
32,839 |
531,807 |
$12.63 |
Phoenix |
217,289,781 |
9.7% |
545,110 |
385,110 |
548,729 |
$13.85 |
San Antonio |
124,120,762 |
5.3% |
23,137 |
63,817 |
243,167 |
$14.29 |
Total Market*** |
10,129,499,248 |
6.1% |
11,614,083 |
9,476,149 |
42,995,069 |
$15.60 |
*Ranked by inventory
**Select U.S. markets. Retail properties only. Does not include retail space in non-retail buildings (i.e. office, condo, apartment, etc.)
***Total Market represent all U.S. markets by CoStar Group.
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