Millions of square feet of shops, restaurants on the way in DFW
Dallas Morning News
Written By: Steve Brown, Real Estate Editor
Almost 4 million square feet of new retail space is on the way in North Texas.
And more than half of it will be ready this year, according to a report from Marcus & Millichap Inc.
The commercial real estate firm just released its second-quarter survey of the Dallas-Fort Worth shopping center market.
The biggest shopping center completed so far in 2016 is the 176,000-square-foot Waxahachie Marketplace on U.S. Highway 77.
Marcus & Millichap predicts that total retail building additions in the D-FW area this year will be 2.5 million square feet — about half of what hit the market in 2015.
Total retail vacancy in North Texas is the lowest in a decade — less than 10 percent.
“The Dallas-Fort Worth Metroplex economy is booming as companies expand and move to the area, bolstering tenant demand and retail development,” the shopping center survey says. “While retail construction activity has not returned to pre-recession levels, builders have been consistent and inventory has expanded 6 percent since 2009.”
“A strong pace of development will continue this year and the Metroplex will be one of the top markets for retail completions in 2016.”