Retail Negative Net Absorption Improves Somewhat In Fourth Quarter
Even though the fourth quarter of 2020 brought more negative net retail absorption in Dallas-Fort Worth, leasing activity did pick up during the period with absorption rising 77% from third-quarter levels, CBRE reports.
Negative net absorption during the fourth quarter reached 234K SF, compared to roughly negative 1M SF in CBRE's third-quarter report.
The amount of space not occupied is improving, and the market boasted a solid 92.8% retail occupancy rate for the fourth quarter, the brokerage said.
Development was also up a bit in Q4 with 2.245M SF of retail space under construction.
While there is still pessimism in retail driven by the coronavirus crisis, CBRE analysts predict some return to normalcy in the second quarter as the nationwide vaccine rollout increases consumer activity.