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Monday, January 18, 2021

Report: North Texas retail market close to all time high; Toys R Us impact

Retail occupancy closed in on 95 percent in the Dallas-Fort Worth area, according to the Q1 2018 Dallas/Fort Worth Retail MarketView from CBRE.

According to the report, Dallas-Fort Worth’s retail market is tightening with strong net absorption and heavily pre-leased deliveries caused occupancy to hit all-time highs. However, as construction starts slow and completions take longer to come online, occupancy and rental rates are expected to level off in the short-term before picking back up later in the year.

The report also notes that retail growth limited by lag in development as multiple construction projects across North Texas have been sidelined as labor and borrowing costs have increased, particularly for projects in their early stages, according to the report. “Delayed construction starts and slowing completions are a present concern for mid- and smaller-sized North Texas retailers,”

The retail market is not child’s play, as Toys R Us found out. In March, the nationwide toy retailer filed a motion seeking bankruptcy court approval to begin liquidation of its 735 U.S and Puerto Rico stores. The closures are expected to occur within the first nine months of 2018. In North Texas alone, the retailer is responsible for 15 locations, accounting for over 600,000-sq.-ft. of space.

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