In 2023, the retail market in Dallas-Fort Worth experienced its highest occupancy rate in over four decades. According to Weitzman, a leading retail center owner, this trend is expected to continue into 2024. The company recently presented their annual forecast in Dallas and delivered an optimistic outlook.
Last year saw a record-breaking occupancy rate of 95.2% and absorption of 1.8 million square feet of space, along with over one million square feet of new construction. This surpasses Weitzman’s previous record set in 2022 when occupancy rates exceeded 94%. Looking ahead to the end of next year, Weitzman predicts that the retail market will remain stable with a projected lease rate of at least 95.8%.
Weitzman also anticipates that most new developments will come from grocery store chains and other anchor stores such as H-E-B, Kroger Marketplace, Tom Thumb and Sprouts. In fact, there are plans for at least fourteen new grocery stores opening or under construction by the end of next year.
This forecast by Weitzman points towards continued growth for DFW’s thriving retail sector without mentioning any specific companies or organizations involved.
