D-FW shopping center vacancy drops to near decade low as …

Shopping center vacancies in Dallas-Fort Worth have dropped to the lowest level in almost 10 years, thanks to a combination of strong leasing and only modest retail construction last year.

Our occupancy rate is now 90 percent. This has been a goal for our marketplace, said Bob Young, managing director of Dallas retail real estate firm Weitzman Group. We are backfilling existing retail space at a good clip.

This is a good turnaround from 2010, when we faced hundreds of thousands of square feet of vacant space from defunct retail concepts, Young said Wednesday at Weitzman Groups annual retail market update. We cut our supply of vacant boxes almost in half in the last two years.

The number of large vacant retail spaces in the D-FW area went from about 140 in 2011 to fewer than 70 last year.

Every well-located space is seeing activity or offers, Young said.

Net retail leasing in the D-FW area added up to about 2.7 million square feet in 2013.

In the last four years, shopping center and retail building vacancies in North Texas have fallen by about 4 million square feet.

At the same time, a modest amount of new shopping space has been added to the market.

In 2013, developers and retailers opened less than 2 million square feet of new store space in D-FW.

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D-FW shopping center vacancy drops to near decade low as ...