At mid-year 2024, Austin’s retail market boasts a strong occupancy rate due to robust demand and the completion of new construction projects. Weitzman’s review reveals an impressive 96.8 percent occupancy based on an inventory of approximately 52.6 million square feet.
The second-generation space in existing retail centers is particularly sought after by retailers, as there is limited new construction in the market currently. The projected total for new and expanded retail projects opening or announced for completion during calendar year 2024 stands at around 572,000 square feet, with grocer H-E-B accounting for nearly half of this space.
Since reaching its peak in 2016 with the addition of over one million square feet, no other year has seen such high levels of deliveries in Austin’s retail market. This trend continues into mid-year 2024 where we see a steady growth trajectory rather than sudden spikes.
