Fat Wallets Feed Retail Growth

If you're looking for more places to buy your EVOO and sockeye salmon filets, you're in luck. Dallas-Fort Worth's retail vacancy hit a new low of 8.1% in Q1, thanks to a growing economy spurring store expansion.

CBRE research guru Sara Rutledge tells us vacancy is almost a percentage point lower than the same time last year, steadily declining each quarter over the past year. (So if you want retail space, you better get it now, or you'll be on the sidewalk competing with the Girl Scouts... and that's a battle you'll lose.) Sara credits the growth to the 2.2% DFW employment jump in 2013, compared to 1.7% nationally. To boot, local unemployment was 5.4% at year's end, compared to 6.7% nationally.

Job growth is also driving income gains, net migration, and tight conditions in the housing market, Sara tells us. (Thus more crowded housewares aisles at Target.) Despite limited development, retailers have continued to expand here over the past few years, including new stores for Winco, Walmart, and Aldi. In fact, Q1 absorption (1.2M SF) outpaced the entire first six months of ’13, she says.

Continue reading this story with a free account

Log in or register
Related Topics: Sara Rutledge
Sign up for more articles like this
Subscribe to Bisnow's Dallas-Fort Worth Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Forget Buildings, Retailers Are Leasing Environments

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

KKR-Affiliated Data Center Developer CyrusOne Names New CEO

America's War Machine Is Growing, Sparking A Defense Real Estate Boom