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The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property manage-ment and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
20142014Shopping Center Survey
& ForecastAustin Dallas Fort Worth Houston San Antonio
Our 2014 Shopping Center Survey & Forecast shows that our path to improvement
continues. On the following pages, you’ll read about key trends in our major Texas retail
markets. We look forward to many more successful years with you, our clients and friends.
Sincerely,
Herbert D. Weitzman
We’re bringing the town square back to the neighborhood.®
Herbert D. Weitzman
Chairman/CEO
Dallas Fort Worth Austin Houston San Antonio
Table of Contents A Tradition of Real Estate Excellence
1. Austin Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Major Mall Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2. Dallas/Fort Worth Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Submarket Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Submarket Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Rental Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Absorption and Construction 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Major Mall Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
3. Houston Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Major Mall Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
4. San Antonio Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Submarket Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35
Submarket Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Major Mall Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
5. Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Defi nitions
Company Descriptions
Acknowledgements
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Austin
Austin
-4-
The Weitzman Group and Cencor Realty Services. The
market’s occupancy rate is based on an inventory of
approximately 43 million square feet of multi-tenant
retail space in centers with 25,000 square feet or
more.
The improving retail occupancy has led to a tight
market for space in key trade areas, as well as
extremely limited supply of end-cap locations and
pad sites at Class A locations. As a result, rental rates
for small-shop space continue the upward trajectory
they showed in 2012, and rates for well-located pad
sites are even stronger.
The availability of well-located Class A retail is the
most constrained, and therefore, this class of rents
leads the market in terms of gains, with average rates
above $30 per square foot for shop space in newly
constructed projects. For the best-located projects,
rates are even higher.
During 2013, the market repeated the pattern seen
over the past several years with new construction
limited primarily to anchor users such as grocery
stores. However, the market is seeing a bump in
construction for small neighborhood strip centers
in the 15,000-square-foot range. More than 30 of
these small, unanchored strips are in some stage of
development in the tighter trade areas, built to meet
the demand for restaurant, medical offi ce and other
small spaces.
construction for small neighborhood strip ce
in the 15,000-square-foot range. More than
these small, unanchored strips are in some s
development in the tighter trade areas, built
the demand for restaurant, medical offi ce an
small spaces.
Austin: Retail Occupancy at Highest Level in Years
AUSTIN - As of year-end 2013, the Austin retail market
reported an overall occupancy rate of 95 percent, thanks
to steady demand for space and extremely limited new
construction.
The 95 percent occupancy rate represents the fi rst
time since 2003 that overall market vacancy has
declined to 5 percent or less. The market’s recent high
point was 95.5 percent in 2004. However, Austin’s
occupancy rate has remained above 90 percent for more
than a decade, with the low point being a healthy rate of
90.5 percent in 2006.
These fi ndings are based on a review of retail market
conditions for the greater Austin
area as of year-end 2013 by
At Round Rock Crossing, Gander Mountain leased a 48,814-square-foot anchor space for its fi rst Austin-
area location.
-5-
In addition to the lack of new development, the
improvement in occupancy can be attributed in part
to large-format retailers that are backfi lling key
vacancies on the market.
Examples include: • Gander Mountain, the nation’s largest retail
network of outdoor specialty stores, which
opened a 48,814-square-foot anchor space at
Round Rock Crossing, a regional-draw shopping
center located at IH-35 South and SH-45, for its
fi rst Austin-area location;
• LA Fitness, which is under way with three
locations, including one at Lamar Oaks, at S.
Lamar and Ben White Boulevard, and one in
former Lack’s Furniture box at 2020 E. Anderson
Lane;
• Wheatsville Co-op, a locally based grocery
concept, which also backfi lled a vacant box in
Lamar Oaks, absorbing a 30,000-square-foot
vacancy in the center;
• Southwest Theaters, a concept new to Austin,
which backfi lled the space at
13729 Research Boulevard
vacated in summer 2013 by
Alamo Drafthouse when it
relocated to a new facility.
The new theater, a discount movie house, is
upgrading the 29,000-square-foot building as it
prepares to open in 2014;
• Trader Joe’s, which opened its fi rst area location
in September in a space formerly occupied by
Sprouts in the Shops at Mira Vista, located
at 2805 Bee Cave Road in Rollingwood. The
California-based specialty grocer also will open
in 2014 in a portion of the former Saks Fifth
Avenue box space in Arboretum Market. Plans
are also under way for Trader Joe’s to anchor the
retail space in the mixed-use redevelopment of
the former Seaholm Power Plant in downtown
Austin;
• The Tile Shop, which leased 34,776 square feet
of existing space in Gateway Shopping Center at
9607 Research Boulevard, and at Highway 290
and MoPac in South Austin, for stores to open in
2014;
• DD’s Discounts, an off-price concept from Ross
Dress for Less, which leased two locations in
existing space for its fi rst stores in the Austin
market. DD’s leased at 7112 Ed Bluestein
Boulevard in Northeast Austin and 1819 S.
Pleasant Valley in Southeast Austin for stores to
open during 2014;
Hill Country Galleria is one of the many existing Austin-area retail properties that experienced
increased occupancy during 2013.
-6-
• Melrose women’s apparel retailer and Burke’s
Outlet discount store, which leased in Tech
Ridge Center, located at IH-35 near Parmer
Lane;
• Gold’s Gym, which backfi lled a vacated Barnes
& Noble space at The Village at Westlake, an
H-E-B-anchored center located at 701 Capital
of Texas Highway South. Gold’s Gym will also
open in part of the space vacated by Shepler’s
Western Wear when it relocated to the Target-
anchored Capital Plaza. Additionally, Aveda
Institute will occupy approximately 17,400
square feet of the former Shepler’s building,
located at 6001 Middle Fiskville Road.
Austin also experienced a good level of smaller-
format retail and restaurant activity, with many
concepts expanding in existing center space.
New and expanding concepts opening or committing to space during 2013 included: • Chef Bryce Gilmore, renowned for Barley Swine,
who opened Odd Duck, a high-profi le local
concept, in a brick-and-mortar location at 1201
S. Lamar;
• Twisted Root Burger Company, a chef-driven
burger joint, which opened its fi rst Austin-area
location in 2,899 square feet of street-level
space in GrandMarc, a mixed-use residential-
and-retail project located at 510 W. 26th Street.
Twisted Root will open a second location in
Centennial Shopping Center, located at
7301 Burnet Road;
• Gloria’s Latin Cuisine, a Dallas-based concept,
which opened its second area location at 300 W.
Sixth Street at Lavaca in downtown;
• Snap Kitchen, offering healthy meals for take-
out or delivery, which leased its fi fth location
in Old Quarry Village, located on Far West
Boulevard near N. MoPac;
• Verts, a local restaurant chain specializing in
döner kebap, with three new locations set to
open in the fi rst quarter of 2014;
• bevello, a one-of-a-kind women’s designer
boutique for clothing, shoes, accessories and
gifts, which leased 3,248 square feet of retail
space in The Domain, an open-air lifestyle and
mixed-use center located at 11410 Century Oaks
Terrace, for its fi rst Austin location;
• Maudie’s Cafe, an Austin tradition since 1954
(switched from home-style to Tex-Mex in 1992),
which leased space for its seventh location in
The Triangle, a mixed-use landmark located at
4616 Triangle Avenue. The Triangle location is set
to open in March 2014;
• California-based Pieology, a high-quality
pizzeria with a focus on healthy custom pies,
which leased 3,000 square feet in Cedar Park
Town Center, anchored by Costco, as well as a
location in Central Austin, for stores to open in
the second quarter 2014. The locations will be
the fi rst in the Austin area for the restaurant;
Centennial Shopping Center, originally built in 1970 at 7301 Burnet Road, is currently undergoing a major renovation. New
concepts leasing in the center include Twisted Root Burger Company, Tacodeli, Teriyaki Madness and Sola Salons.
-7-
• UFC GYM, the fi rst major brand extension for the
Ultimate Fighting Championship, which leased
4,000 square feet in Southpark Meadows,
located at IH-35 and Slaughter Lane, for its fi rst
Central Texas location;
• Half Price Books, which opened in July 2013
in a 9,200-square-foot space at Southpark
Meadows;
• Uncle Julio’s, a Dallas-based Tex-Mex concept,
with an Austin location at Third Street and San
Jacinto;
• Searsucker, a nationally known restaurant
concept, which opened its third U.S. location at
415 Colorado Street in downtown Austin. Also
downtown, Minneapolis-based American-cuisine
concept CRAVE opened in early 2014 in 8,500
square feet at 340 E. Second Street;
• Blackfi nn Ameripub, which took an
8,000-square-foot spot at The Domain formerly
occupied by Joe DiMaggio’s restaurant;
• Five Below, a discount retailer, which in 2013
opened new Austin-area locations, including
Arboretum Crossing, Mueller, Lakeline Plaza,
Market Heights Shopping Center in Harker
Heights, and in Sunset Valley;
• Royal Blue Grocery, an urban grocer, and
Salvation Pizza, which leased space in the
retail portion of SkyHouse Austin, a new
residential tower located at 51 Rainey Street
near downtown. Royal Blue also opened in The
Whitley apartment tower downtown;
• Tiff’s Treats, which opened in Arbor Trails,
anchored by Costco and Whole Foods;
• National and local quick-serve and fast-casual
concepts like Firehouse Subs, P. Terry’s Burger
Stand, Raising Cane’s, Fuddruckers, Tacodeli,
Torchy’s Tacos, Dairy Queen and Smashburger.
The Smashburger location, which opened in the
fi rst half of the year in Southpark Meadows,
represents the fi rst Central Texas site for
the Colorado-based “better-burger” chain.
Additionally, the fi rst Central Texas location for
In-N-Out Burger opened in Round Rock, followed
by a location on Airport Boulevard.
New retail space added to the market during 2013
included several grocery-anchored projects, as well as
the expansion of existing projects. All told, the Austin-
area retail market added approximately 631,700 square
feet of new space during the year. By comparison, the
market added 462,800 square feet of space during
2012. Since the recession, the level of the new space
being added to the market has remained at near-
historic lows.
New retail space for 2013 included: • Mueller Market District, a community retail center
featuring a 81,000-square-foot H-E-B store and
26,000 square feet of small-shop space. The
project, almost fully leased, opened in the second
half of 2013;
• The second phase of Lakeline Market at Highway
183 and Lakeline Boulevard, which added Stein
Mart, Michaels and a 36,000-square-foot Alamo
Drafthouse in the fi rst half of 2013. The Lakeline
Market locations for the three concepts all
represent relocations. The fi rst phase of the
center, opened in 2012, features H-E-B Plus!;
• H-E-B, which opened a 120,000-square-foot
H-E-B Plus! store in University Commons, located
on University Oaks Boulevard and Oakmont Drive,
in Round Rock;
• In Copperas Cove, north of Austin, H-E-B opened
a 119,000-square-foot H-E-B Plus! store in Five
Hills shopping center as the replacement for an
older 44,000-square-foot store in the trade area.
The store is located at 2990 E. Highway 190;
• Costco, which opened a 153,700-square-foot
store at 4601 Toll 183A in Cedar Park in late 2013.
The retailer serves as the anchor for the Cedar
Park Town Center, which will add new space in
2014 for concepts including In-N-Out Burger, BJ’s
Restaurant & Brewhouse, Pieology, Lupe Tortilla,
PDQ and Factory Mattress;
- 8 -
• TopGolf, a UK-based golf-focused entertainment
and dining concept, which opened a three-level,
65,000-square-foot location - its fi rst in the
market - at 11301 Burnet Road in The Domain
during the fi rst half of the year;
• Central Market Westgate, which added
approximately 6,000 square feet to the store at
4477 S. Lamar Boulevard as part of a $5 million
renovation.
Several projects are also in the works and set to
open in 2014 or later.
These include: • Whole Foods, with a 2014 store in the mixed-use
The Domain;
• The Domain is also under way on a major new
retail phase that will add multi-tenant retail with
a luxury department store anchor;
• Walmart, which is in the works with several
large-format Supercenters for the Austin area
for 2014 for later. Stores that should open in
2014 include locations in Cedar Park, Round
Rock, Elgin and Manor;
• Sam’s Club, a warehouse shopping club concept
from Walmart, which is set to open in the
Lakeline area during 2014;
• Randalls (Safeway), which plans to open an
approximately 58,000-square-foot store at
Lakeline Boulevard and Crystal Falls Parkway
in Leander by early 2016, according to the
development agreement with the city. Randalls
will anchor a community retail center slated for
55 acres at the intersection.
Due to continued leasing demand at a time of
limited construction, rental rates have strengthened
for Austin’s well-located Class A properties, which
are in the most demand from expanding retailers.
As Class A space fi lls up, the resulting demand for
Class B and some C spaces has resulted in rental
rate increases in the 5-percent range for select
properties in those categories.
• For small-shop space in anchored Class A
projects, rates range from the high $20s to the
mid-to-high $30s per square foot per year.
• Averages for Class B small-tenant rates are
approximately $18 to the mid-$20s-per-
square-foot range.
• Averages for Class C rates for small-tenant in-
line spaces typically range from around $12 to
$18 per square foot or higher.
For all classes of space, rates can go notably lower
or higher than the rates listed above due to factors
including anchors, traffi c, demographics and location
within a center.
Austin’s retail market continues to benefi t from an
economy that remains one of the healthiest in the
country. For example, as of year-end 2013, the metro
area posted a 4.5 percent unemployment rate, well
below the national rate of 6.5 percent.
The housing market, a key driver of retail sales and
demand, also is showing signs of a strong turnaround
after several challenging years. The existing home
market set a record during 2013 with 27,000 sales,
according to the Austin Board of Realtors. The new
single-family market also saw starts total 9,400, the
highest level since 2007, according to Metrostudy.
More than 10,000 new starts are now estimated for
2014, designed to meet the needs of the estimated
110 people who move to the Austin area every day.
AUSTIN
95%
94%
Occupancy
Year-end 201Year-end 201
93%
600,000
400,000
200,000
Construction
20122013
0
700,000
79
183
183
183
183
71
71
290290
1
1
360
290
35
35
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-9-
austin mall map
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
DallasFort Worth
-10-
The major renovation of Denton's Golden
Triangle Mall neared completion during
2013, with the most visible evidence being
the brand-new east and west entrances.
• New space development that was primarily
anchor driven with extremely limited small-shop
space
• Retail sales growth that resulted in few store
closings in 2013.
The D/FW occupancy rate is based on a total
market inventory of 187,987,318 square feet of retail
space in shopping centers with 25,000 square feet
or more - one of the largest retail inventories in the
country. Weitzman/Cencor surveys 1,372 centers in
42 submarkets.
For year-end 2013, the occupancy rate in the Dallas
area was 89.8 percent, compared to 88.9 percent at
year-end 2012. The rate is based on total market
inventory of 130.7 million square feet in the Dallas
area.
The occupancy rate in the Fort Worth area was
even better, with an occupancy rate of 90.5 percent,
compared to 89.6 percent at year-end 2012. The rate
is based on total inventory of 56.87 million square
feet.
For D/FW's major shopping center categories, the survey reported the following occupancy rates: • Community Centers – 89.5 percent for an
inventory of 72.4 million square feet (88.5
percent at year-end 2011)
• This category, typically anchored by a
grocer and the market's largest in terms of
inventory, features some of the strongest
projects in D/FW.
D/FW Retail Market Sees Best Occupancy Increase In Years
DALLAS - Dallas/Fort Worth’s retail market ended 2013
with 90.02 percent occupancy, the fi rst time the market
breached the important 90-percent threshold since
2004.
The market now begins 2014 with a vacancy rate of
9.9 percent, which represents a vacancy drop of a full
percentage point since year-end 2012 and an especially
notable improvement over the vacancy rate of 12.4
percent at year-end 2011.
While greatly improved, the market still needs to see
notable leasing activity to bring it to the market's high
point, 92 percent at year-end 2001.
The occupancy gain during the past year was largely due to: • Steady leasing that fi lled vacancies in the market's
existing centers
DallasFort Worth
-11-
• This category saw occupancy remain stable
during the past year as lifestyle retail and
restaurants staged a healthy performance.
• Malls – 93.5 percent ( 95.5 percent at year-end
2012) for an inventory of 24.8 million square feet
• This category, which includes regional and
super-regional malls, saw the great majority
of the market's malls with occupancy rates
above 95 percent. Occupancy declined overall,
however, due to some shop vacancies at
weaker malls, and the closing of a department
store at Plano's Collin Creek Mall.
Absorption total refl ects healthy leasing The improvement seen in the market during 2013 is
due to limited new construction and healthy leasing
at D/FW's existing shopping centers.
Of the 2.7 million square feet absorbed in 2013, a
total of 1,558,211 square feet were absorbed in the
Dallas area, and 1,117,708 square feet were absorbed
in the Fort Worth area.
During 2013, leasing in existing centers boosted
absorption by removing vacant retail spaces from
the market.
Key backfi lled locations in existing centers during the year included: • Belk, which is under way with its new store in the
170,000-square-foot space vacated by Saks
department store at Dallas Galleria. Belk plans to
open the Galleria store, its fi rst in Dallas proper,
in spring 2014;
• Alamo Draft House, an Austin-based dinner-and-
a-movie concept that in August opened its fi rst
D/FW location in backfi lled space in Richardson
During 2013, occupancy climbed a full
percentage point due to expansion of grocers
into second-generation space, as well as the
category's focus on a mix of tenants designed
to serve community needs.
• Neighborhood Centers – 84.8 percent for an
inventory of 39.9 million square feet (83.9
percent at year-end 2012)
• This category represents smaller, typically
unanchored centers of 25,000 square feet
to as much as 100,000 square feet. The
category, while improved, reports the lowest
occupancy rate among major center types
due to a signifi cant number of poorly located
centers. The strongest neighborhood centers
in the category continue to report healthy
occupancies.
• Power Centers – 93.9 percent for an inventory
of 40.2 million square feet (91.5 percent at year-
end 2012)
• The occupancy in this category - which
features "category killer" retailers - reported
gains as concepts from grocers to gyms to
discounters backfi lled box vacancies.
• Mixed-Use - 92.2 percent (on par with year-end
2012) for an inventory of 3.6 million square feet
of retail space
• This category, with retail at its core, typically
also features residential and offi ce space,
as well as other uses such as hotel or
entertainment.
Anchors backfi ll vacancies in 2013
-12-
WinCo, a grocer based in Idaho, is taking an anchor position at Lewisville's Old Orchard Village
East for one of its fi rst locations in D/FW. The new grocery anchor is also prompting a major renovation at the center.
Heights Shopping Center, located on US-75 in
Richardson;
• Nordstrom Rack, which opened in fall 2013 in
Gallery on the Parkway Shopping Center, located
near the Dallas Galleria in Far North Dallas;
• Fitness Connection, which took a
33,000-square-foot vacancy at Irving Mall at
SH-183 and North Belt Line Road in Irving;
• Sprouts Farmers Market, which in July opened in
a 33,000-square-foot space at Tarrant Parkway
Commons, located at 2005 South Main Street in
Keller;
• Sam Ash Music, which leased a 22,000-square-
foot former western wear store on North Central
Expressway in Dallas for its fi rst area location.
The store opened in the second half of 2013;
2014. Albertsons
previously occupied
the anchor space;
• Stacy Furniture,
which took a
43,250-square-foot
box at Preston Parker Crossing, at Preston and
Parker roads in Plano.
In addition, several grocers are in the process
of committing to backfi lled space in markets like
Arlington and Lewisville, which will further boost
occupancy.
During 2013, the market reported new construction
of 1,890,783 square feet. During 2012, the market
reported new space totaling just under 1.2 million
square feet. The 2013 annual construction, while
• Whole Earth Provision Co., which leased a
22,000-square-foot location - a former Robb &
Stucky furniture store that closed in 2010 - in
Southlake Town Square on Southlake Boulevard
and Carroll Avenue;
• Walmart Neighborhood Market, which acquired
a 58,000-square-foot vacant grocery building
at 3312 Preston Road in Plano for a new
location;
• Arhouse Furniture and Fixtures Living,
two concepts that are backfi lling the
88,000-square-foot Barney's vacancy at
upscale NorthPark Mall on Central Expressway
at Northwest Highway in Dallas;
• Sears Hardware, which took a 21,000-square-
foot vacancy in Marsh Lane Plaza, at Marsh
Lane and Walnut Hill Road in Dallas;
• El Rancho Grocery Store, which opened a new
location at 4201 Gaston Avenue in Dallas. The
new store backfi lled an Offi ce Depot location
that had been vacant since 2010;
• Burke's Outlet, which leased a 34,200-square-
foot junior anchor space in Rockwall Market
Center, located on I-30 and Market Center Drive
in Rockwall. Burke's Outlet also leased junior
anchor space in a power center near Vista Ridge
Mall in Lewisville;
• Whole Foods Market, which took 40,000 square
feet of vacancy off the market for a new
store to open at Village Park at Colleyville in
-13-
The Kroger Signature anchor at Flower Mound Town Center
underwent a major expansion during 2013, adding space to the grocery store and also adding a brand-new fuel center.
representing an increase over the previous year, is still
considered very conservative, refl ecting the caution
that retailers and developers continue to exercise
in an economy that, though strong, still has not fully
recovered from the recession.
New projects for 2013 include:• The fi rst phase of West Plano Village, a mixed-
use project to include retail, offi ce and multi-
family space located at the Dallas North
Tollway and Parker Road. The retail's anchor, a
10,500-square-foot eatZi's Market and Bakery,
opened in September, with the remainder of the
space set for 2014;
• The Shoppes at Renaissance Square, an
approximately 305,000-square-foot center
located along U.S. 287 near its intersection with
Berry Street in southeast Fort Worth. The anchor
for the fi rst phase, a 180,000-square-foot
Walmart Supercenter, opened in February;
• In addition to Renaissance Square, Walmart is
actively opening its large-format supercenters
and smaller Neighborhood Markets, including:
• One that opened at 115 W. FM 544 in Murphy.
The 180,000-square-foot store represents the
relocation and expansion of a smaller Walmart
Neighborhood Market;
• A supercenter at 1401 N. Saginaw Boulevard in
Haslet, near Fort Worth;
• A supercenter near Denton, north of Dallas, in
the town of Cross Roads. The 85,000-square-
foot store is located on Highway 380 at FM
424;
• A 40,500-square-foot Neighborhood Market,
which opened in April at 717 W. Berry Street in
Fort Worth;
• Custer Marketplace, a 65,000-square-foot
center at Custer Road and Virginia Parkway in
McKinney anchored by a 26,000-square-foot
Sprouts Farmers Market;
• The expansion of Kroger Signature store in
Flower Mound Town Center, located at FM
1171 and FM 2499. The grocer expanded by
approximately 20,000 square feet, to a total of
approximately 85,000 square feet and added a
fuel center;
• Alliance Town Center along the I-35W
corridor in North Fort Worth, which added a
50,000-square-foot Dick's Sporting Goods. A
phase set for 2014 will add 87,500 square feet,
and an additional phase will add approximately
150,000 square feet;
• Woodbridge Centre, at FM 544 and Woodbridge
Parkway in Wylie, north of Dallas, anchored by a
-14-
123,000-square-foot Kroger Marketplace. The
center also includes a 56,000 B&B 12-screen
cinema;
• Market Street Flower Mound, an approximately
70,000-square-foot grocery opened at FM 1171
and FM 2499 in Flower Mound. A second phase
to the project will include additional retail and
restaurant space.
• Also in Flower Mound, the Highlands Plaza
development at the southeast corner of
Chinn Chapel Road and FM 407 opened an
approximately 75,000-square-foot Academy
Sports & Outdoors store;
• Kohl's, which opened a 56,000-square-foot
store on W. University Drive in Denton;
• Westside Market, a community retail center at
FM 423 and Lebanon Road in Frisco, with an
approximately 70,000-square-foot Tom Thumb
grocery and more than 20,000 square feet of
small-shop space;
• Sam's Club, with a 128,000-square-foot store by
year-end 2013 at the southeast corner of US-
287 and FM 157 in Mansfi eld;
• Trader Joe's, which opened its fi rst store in
Dallas proper on Lower Greenville Avenue during
2013. The 14,000-square-foot store, along with
a food truck park, represents the
redevelopment of the location of the former
Arcadia Theater, which burned to the ground
several years ago. Additional Dallas stores, set
for 2014 or later, are planned for a site near Knox
Street and Cole Avenue and a site at Walnut Hill
Lane and North Central Expressway.
The restaurant market also remains active in D/FW,
with demand for both new-construction spaces and
well-located second-generation restaurant space.
Expanding restaurant concepts included: • Bonefi sh Grill, which completed a newly built
5,600-square-foot restaurant in Shops of
Southlake, a Southlake center located on
Southlake Boulevard at Carroll Avenue that is
anchored by Central Market and Nordstrom
Rack;
• Also in Southlake, Del Frisco’s Grille opened an
8,000-square-foot location in Southlake Town
Square at 1200 E. Southlake Boulevard. Del
Frisco’s Grille also opened in downtown Fort
Worth’s Sundance Square;
• Pei Wei, which opened in Casa Linda Plaza,
located at Buckner Boulevard and Garland Road
in Old East Dallas;
• Cane Rosso, a popular upscale pizza restaurant,
which opened its second Dallas location on
Gaston Avenue at East Grand;
• Bird Café, from well-known restaurateur
Shannon Wynn, which opened a 6,400-square-
foot location in Sundance Square in downtown
Fort Worth;
The fi rst retail concept to open in West Plano Village, eatZi's, debuted in the mixed-use project in September. AMLI West
Plano Village is currently under way with 245 apartments, and construction starts soon on 90,000 square feet of retail and
60,000 square feet of offi ce.
• Seattle's Best Coffee, a concept from Starbucks,
which opened 10 newly constructed drive-thru
locations in the Dallas area during the fi rst half
of the year. More are planned;
• Taco Cabana, which in February opened a new
prototype store on 4721 S. Cooper Street in
Arlington.
The D/FW retail market activity, especially retail
leasing demand and store growth, is boosted by the
area's economy, which ranks as one of the strongest
metro economies in the country.
As of year-end 2013, the D/FW area reported a 5.5
percent unemployment rate, well below the rate of 6.5
percent at the beginning of 2013. Based on Bureau of
Construction20122013
2,000,000
1,500,000
1,000,000
0
OccupancyYear-end 2012Year-end 2013
90%
88%
86%
89%
87%
dallas/fort worth
Labor Statistics numbers released in December, the
D/FW metro area ranked No. 2 nationally in terms of
total number of jobs added.
In the area of housing, an important factor in retail
success, single-family home starts in Dallas/Fort
Worth are surging after several fl at years. D/FW
reported approximately 22,000 new homes in 2013,
up from fewer than 18,000 during the previous year.
The D/FW market is also seeing strong apartment
leasing and construction. The National Multi Housing
Council reports that North Texas saw approximately
25,000 units built last year, making it one of the top
multifamily markets in the country.
-15-
-16-
Sector Name YE 2012GLA
YE 2012Vacancy
YE 2012% Vacancy
YE 2013GLA
YE 2013Vacancy
YE 2013% Vacancy
1 Dallas CBD 471,546 121,542 25.78% 471,546 138,555 29.38%
2 Northeast Dallas 9,362,236 850,569 9.09% 9,362,699 995,503 10.63%
3A Far North Dallas 8,409,470 1,403,777 16.69% 8,409,993 749,141 8.91%
3B North Dallas 5,479,628 239,032 4.36% 5,479,628 251,911 4.60%
3C Park Cities/Oak Lawn 3,162,187 209,459 6.62% 3,162,187 120,518 3.81%
3D West Dallas 575,833 137,277 23.84% 575,833 135,901 23.60%
4 Southeast Dallas 1,976,418 278,900 14.11% 1,976,418 187,350 9.48%
5 Southwest Dallas 7,612,639 1,024,400 13.46% 7,681,764 930,672 12.12%
6 Addison 1,542,927 200,100 12.97% 1,542,927 280,250 18.16%
7 Carrollton 3,204,344 663,199 20.70% 3,204,344 556,124 17.36%
8 Desoto/Lancaster 1,963,703 257,254 13.10% 1,994,749 215,703 10.81%
9 Duncanville 1,478,265 357,241 24.17% 1,355,174 234,482 17.30%
10 Farmers Branch 1,085,204 191,762 17.67% 1,087,528 150,100 13.80%
11 Garland 7,281,523 1,096,198 15.05% 7,281,523 1,095,855 15.05%
12 Grand Prairie 3,500,643 312,520 8.93% 3,500,643 313,155 8.95%
13A Irving 8,208,366 1,014,947 12.36% 8,208,366 970,295 11.82%
13B Coppell 868,599 190,531 21.94% 868,599 183,631 21.14%
14 Mesquite/Balch Springs 5,518,780 563,606 10.21% 5,518,780 592,658 10.74%
15 Richardson 3,991,550 608,106 15.23% 3,991,550 693,824 17.38%
16 Plano 15,319,243 1,580,340 10.32% 15,319,243 1,663,162 10.86%
17 Denton 5,475,661 411,275 7.51% 5,766,661 380,150 6.59%
18 Lewisville/Flower Mound 9,385,340 1,114,918 11.88% 9,565,373 944,162 9.87%
19 McKinney 3,415,351 230,660 6.75% 3,476,927 202,485 5.82%
20 Frisco 7,013,449 462,122 6.59% 7,138,706 344,719 4.83%
21 Allen 4,961,771 312,221 6.29% 4,961,771 501,922 10.12%
22 Rowlett 1,258,154 82,432 6.55% 1,258,154 75,624 6.01%
23 Rockwall 2,031,916 131,460 6.47% 2,038,939 93,478 4.58%
24 Cedar Hill 2,653,170 181,000 6.82% 2,653,170 175,797 6.63%
25 Murphy/Wylie/Sachse 1,722,959 54,800 3.18% 1,559,775 45,800 2.94%
26 Northern Ellis County 1,788,496 138,387 7.74% 1,788,496 120,992 6.77%
Dallas 130,719,371 14,420,035 11.03% 131,201,466 13,343,919 10.17%27 Arlington 14,298,435 1,368,503 9.57% 14,438,435 1,036,749 7.18%
28 Bedford/Euless 2,801,831 325,249 11.61% 2,801,831 325,249 11.61%
29 Hurst 3,521,398 406,570 11.55% 3,521,398 365,751 10.39%
30 Northeast Fort Worth 3,561,879 402,505 11.30% 3,618,579 393,258 10.87%
31 Northwest Fort Worth 5,634,710 580,182 10.30% 5,944,999 634,801 10.68%
32 Southeast Fort Worth 1,417,895 213,626 15.07% 1,433,840 179,153 12.49%
33 Southwest Fort Worth 9,501,705 1,001,049 10.54% 9,543,184 1,236,827 12.96%
34 Fort Worth CBD 393,300 42,790 10.88% 393,300 82,356 20.94%
35 North Richland Hills 2,978,752 707,789 23.76% 2,977,738 558,122 18.74%
36 Northeast Tarrant Co 9,185,909 595,327 6.48% 9,366,402 461,286 4.92%
37 Burleson 1,746,101 40,839 2.34% 1,746,624 38,463 2.20%
38 Weatherford 999,522 102,236 10.23% 999,522 101,357 10.14%
Fort Worth 56,041,437 5,786,665 10.33% 56,785,852 5,413,372 9.53%
Grand Total 186,760,808 20,206,700 10.82% 187,987,318 18,757,291 9.98%
dallas/fort worth submarket summary
-17-
37 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737
26 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626
24 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424
6 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 663A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3
A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D
4 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44
12 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212
33 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333
32 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232
28 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828
29 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 292936 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636
17 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717
22 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222
11 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111
15 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515
2 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22
37 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737 37 37 37 37 37 3737
26 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626 26 26 26 26 26 2626
24 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424 24 24 24 24 24 2424
6 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 66 6 6 6 6 6 663A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3
A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A 3A 3A 3A 3A 3A 3A3A
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
13B
3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D 3D 3D 3D 3D 3D 3D3D
4 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44 4 4 4 4 4 44
12 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212 12 12 12 12 12 1212
33 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333 33 33 33 33 33 3333
32 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232 32 32 32 32 32 3232
28 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828 28 28 28 28 28 2828
29 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 2929 29 29 29 29 29 292936 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636 36 36 36 36 36 3636
17 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717 17 17 17 17 17 1717
22 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222 22 22 22 22 22 2222
11 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111 11 11 11 11 11 1111
15 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515 15 15 15 15 15 1515
2 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22 2 2 2 2 2 22
1 1 1 1 1 1 11 1 1 1 1 1 11 1 1 1 1 1 11 1 1 1 1 11 1 1 1 1 1 11 1 1 1 1 1 11 1 1 1 1 1 11
3B 3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B 3B3B 3B 3B 3B 3B 3B 3B3B
3C 3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C 3C3C 3C 3C 3C 3C 3C 3C3C
5 5 5 5 5 5 55 5 5 5 5 5 55 5 5 5 5 5 55 5 5 5 5 55 5 5 5 5 5 55 5 5 5 5 5 55 5 5 5 5 5 55
7 7 7 7 7 7 77 7 7 7 7 7 77 7 7 7 7 7 77 7 7 7 7 77 7 7 7 7 7 77 7 7 7 7 7 77 7 7 7 7 7 77
8 8 8 8 8 8 88 8 8 8 8 8 88 8 8 8 8 8 88 8 8 8 8 88 8 8 8 8 8 88 8 8 8 8 8 88 8 8 8 8 8 88
9 9 9 9 9 9 99 9 9 9 9 9 99 9 9 9 9 9 99 9 9 9 9 99 9 9 9 9 9 99 9 9 9 9 9 99 9 9 9 9 9 99
10 10 10 10 10 10 1010 10 10 10 10 10 1010 10 10 10 10 10 1010 10 10 10 10 1010 10 10 10 10 10 1010 10 10 10 10 10 1010 10 10 10 10 10 1010
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
13A
14 14 14 14 14 14 1414 14 14 14 14 14 1414 14 14 14 14 14 1414 14 14 14 14 1414 14 14 14 14 14 1414 14 14 14 14 14 1414 14 14 14 14 14 1414
16 16 16 16 16 16 1616 16 16 16 16 16 1616 16 16 16 16 16 1616 16 16 16 16 1616 16 16 16 16 16 1616 16 16 16 16 16 1616 16 16 16 16 16 1616
18 18 18 18 18 18 1818 18 18 18 18 18 1818 18 18 18 18 18 1818 18 18 18 18 1818 18 18 18 18 18 1818 18 18 18 18 18 1818 18 18 18 18 18 1818
19 19 19 19 19 19 1919 19 19 19 19 19 1919 19 19 19 19 19 1919 19 19 19 19 1919 19 19 19 19 19 1919 19 19 19 19 19 1919 19 19 19 19 19 1919
20 20 20 20 20 20 2020 20 20 20 20 20 2020 20 20 20 20 20 2020 20 20 20 20 2020 20 20 20 20 20 2020 20 20 20 20 20 2020 20 20 20 20 20 2020
21 21 21 21 21 21 2121 21 21 21 21 21 2121 21 21 21 21 21 2121 21 21 21 21 2121 21 21 21 21 21 2121 21 21 21 21 21 2121 21 21 21 21 21 2121
23 23 23 23 23 23 2323 23 23 23 23 23 2323 23 23 23 23 23 2323 23 23 23 23 2323 23 23 23 23 23 2323 23 23 23 23 23 2323 23 23 23 23 23 2323
25 25 25 25 25 25 2525 25 25 25 25 25 2525 25 25 25 25 25 2525 25 25 25 25 2525 25 25 25 25 25 2525 25 25 25 25 25 2525 25 25 25 25 25 2525
27 27 27 27 27 27 2727 27 27 27 27 27 2727 27 27 27 27 27 2727 27 27 27 27 2727 27 27 27 27 27 2727 27 27 27 27 27 2727 27 27 27 27 27 2727
30 30 30 30 30 30 3030 30 30 30 30 30 3030 30 30 30 30 30 3030 30 30 30 30 3030 30 30 30 30 30 3030 30 30 30 30 30 3030 30 30 30 30 30 3030
31 31 31 31 31 31 3131 31 31 31 31 31 3131 31 31 31 31 31 3131 31 31 31 31 3131 31 31 31 31 31 3131 31 31 31 31 31 3131 31 31 31 31 31 3131
34 34 34 34 34 34 3434 34 34 34 34 34 3434 34 34 34 34 34 3434 34 34 34 34 3434 34 34 34 34 34 3434 34 34 34 34 34 3434 34 34 34 34 34 3434
35 35 35 35 35 35 3535 35 35 35 35 35 3535 35 35 35 35 35 3535 35 35 35 35 3535 35 35 35 35 35 3535 35 35 35 35 35 3535 35 35 35 35 35 3535
45
35E
35E
35E
635
635
20
20
35W
35W
820
35W
30
30
3082
0
30
20
20
380
380
121
75
287
377
287
67
80
121
377
183
75
175
360
121
121
26
190
DNT DN
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1
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Shop
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Farm
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11 -
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dallas/fort worth Submarket map
Average Rental Rates YE 2013 *Sector # Name Class A Class B Class C
1 Dallas CBD $31.00 $18.00 $10.00
2 Northeast Dallas $20.00 $15.00 $10.00
3A Far North Dallas $25.00 $15.00 $12.00
3B North Dallas $25.00 $16.00 $13.00
3C Park Cities/Oak Lawn $32.00 $22.00 $17.00
3D West Dallas $17.00 $10.00 $6.00
4 Southeast Dallas $12.00 $10.00 $7.00
5 Southwest Dallas $16.00 $10.00 $7.00
6 Addison $24.00 $15.00 $11.00
7 Carrollton $20.00 $11.00 $8.00
8 Desoto/Lancaster $14.00 $9.00 $5.00
9 Duncanville $14.00 $10.00 $5.00
10 Farmers Branch $18.00 $14.00 $6.00
11 Garland $24.00 $14.00 $9.00
12 Grand Prairie $17.00 $12.00 $10.00
13A Irving $22.00 $14.00 $8.00
13B Coppell $21.00 $16.00 $10.00
14 Mesquite/Balch Springs $18.00 $15.00 $8.00
15 Richardson $24.00 $18.00 $10.00
16 Plano $25.00 $20.00 $12.00
17 Denton $28.00 $20.00 $10.00
18 Lewisville/Flower Mound $26.00 $20.00 $12.00
19 McKinney $24.00 $18.00 $15.00
20 Frisco $27.00 $21.00 $15.00
21 Allen $24.00 $17.00 $10.00
22 Rowlett $21.00 $14.00 $9.00
23 Rockwall $24.00 $17.00 $11.00
24 Cedar Hill $18.00 $14.00 $11.00
25 Murphy/Wylie/Sachse $22.00 $14.00 $7.00
26 Northern Ellis County $21.00 $16.00 $10.00
Dallas Average $21.80 $15.17 $9.80* Based on a broker questionnaire of average asking rental rates, calculated per square foot per year. Rates are not weighted and represent asking rates.
-18-
dallas/fort worth Rental rates
Average Rental Rates YE 2013 *Sector # Name Class A Class B Class C
27 Arlington $22.00 $15.00 $8.00
28 Bedford/Euless $19.00 $11.00 $7.00
29 Hurst $22.00 $14.00 $7.00
30 Northeast Fort Worth $22.00 $10.00 $6.00
31 Northwest Fort Worth $24.00 $12.00 $8.00
32 Southeast Fort Worth $18.00 $14.00 $7.00
33 Southwest Fort Worth $25.00 $16.00 $10.00
34 Fort Worth CBD $24.00 $17.00 $13.00
35 North Richland Hills $22.00 $13.00 $6.00
36 Northeast Tarrant County $25.00 $18.00 $12.00
37 Burleson $22.00 $15.00 $12.00
38 Weatherford $22.00 $12.00 $6.00
Fort Worth Average $22.25 $13.92 $8.50
D/FW Average $21.90 $14.55 $9.15
-19-
* Based on a broker questionnaire of average asking rental rates, calculated per square foot per year. Rates are not weighted and represent asking rates.
dallas/fort worth Rental rates
Sector Name2013
Absorption2013
Absorption %2013
Construction*
1 Dallas CBD -17,013 -14.00%
2 Northeast Dallas -144,471 -16.98% 523
3A Far North Dallas 655,159 46.65% 523
3B North Dallas -12,879 -5.39%
3C Park Cities/Oak Lawn 88,941 42.46%
3D West Dallas 1,376 1.00%
4 Southeast Dallas 91,550 32.83%
5 Southwest Dallas 162,853 14.89% 69,125
6 Addison -80,150 -40.05%
7 Carrollton 107,075 16.15%
8 Desoto/Lancaster 72,597 25.18% 31,046
9 Duncanville -332 -0.14%
10 Farmers Branch 43,986 22.66% 2,324
11 Garland 343 0.03%
12 Grand Prairie -635 -0.20%
13A Irving 44,652 4.40%
13B Coppell 6,900 3.62%
14 Mesquite/Balch Springs -29,052 -5.15%
15 Richardson -85,718 -14.10%
16 Plano -82,822 -5.24%
17 Denton 322,125 45.87% 291,000
18 Lewisville/Flower Mound 350,789 27.09% 180,033
19 McKinney 89,751 30.71% 61,576
20 Frisco 242,660 41.31% 125,335
21 Allen -189,701 -60.76%
22 Rowlett 6,808 8.26%
23 Rockwall 45,005 32.50% 7,023
24 Cedar Hill 5,203 2.87%
25 Murphy/Wylie/Sachse -154,184 142.26% 376,816
26 Northern Ellis County 17,395 12.57%
Dallas 1,558,211 10.46% 1,145,324
-20-
* New construction of 25,000 square feet or more; some construction represents expansion space
dallas/fort worth Absorption & constructi0n
Sector Name2013
Absorption2013
Absorption %2013
Construction*
27 Arlington 471,754 31.27% 140,000
28 Bedford/Euless 0 0.00%
29 Hurst 40,819 10.04%
30 Northeast Fort Worth 65,947 14.36% 56,700
31 Northwest Fort Worth 255,670 28.71% 310,289
32 Southeast Fort Worth 50,418 21.96% 15,945
33 Southwest Fort Worth -194,299 -18.64% 41,479
34 Fort Worth CBD -39,566 -92.47%
35 North Richland Hills 148,653 21.03%
36 Northeast Tarrant Co 314,534 40.54% 180,523
37 Burleson 2,899 7.01% 523
38 Weatherford 879 0.86%
Fort Worth 1,117,708 17.11% 745,459Grand Total 2,675,919 12.48% 1,890,783
-21-
* New construction of 25,000 square feet or more; some construction represents expansion space
dallas/fort worth Absorption & constructi0n
-20-
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Gal
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Will
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Valle
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Mal
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Mal
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Mal
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Mal
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Mal
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Ric
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Squa
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1
114
45
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820
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30
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2012
dallas/fort worth major mall map
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Houston
-23-
Woodway and Voss that closed in summer 2013.
Whole Foods is demolishing the building and
developing a brand-new Whole Foods store set to
open in 2015, and after Macy’s closed its downtown
store in early 2013, plans for redevelopment as offi ce
space were soon in the works.
Weitzman/Cencor reviews a Houston-area retail
market inventory of approximately 145,705,000
square feet in multi-tenant retail centers with 25,000
square feet or more.
The market is seeing new stores this year from
retailers ranging form grocers to discount to
specialty. Many are opening in existing centers,
thereby boosting occupancy.
Concepts opening in backfi lled space included: • Fresh Market, a North Carolina-based specialty
grocery, which opened or will open four locations
in former Rice Epicurean Market spaces this
year. The new Fresh Markets are located at:
• 2617 West Holocombe Boulevard
• 12516 Memorial Drive
• 3745 Westheimer Road
• 516 San Felipe Street
• However, in early March 2014, Fresh Market
announced it would close one of the four new
locations;
• Specialty grocer Sprouts Farmers Market,
with its largest store in the Houston area in
backfi lled former 29,435-square-foot Randalls
in Copperfi eld Village at 7055 Highway 6 North.
Sprouts, which entered the market this year,
also opened new locations for 2013 in Katy,
Spring Cypress and in Houston proper, at
Kirkwood and Westheimer;
• Mountain of Fire and Miracles Ministries, a non-
retail concept, which absorbed a large block
of retail vacancy when it purchased the
158,000-square-foot former Target building at
10000 Kleckley Drive, peripheral to Almeda Mall;
Houston Retail Market Continues To Perform
HOUSTON - Houston’s retail market posted its best
overall occupancy rate in a decade due to continued
retailer expansion during a time of limited new
construction. As of year-end 2013, the market posted
an occupancy rate of 91 percent, the highest level to be
reached in more than a decade.
The occupancy rate represents an increase over the
year-end 2012 rate of 89.5 percent and shows the retail
market is benefi tting from the strength of the overall
Houston metro economy, which ranks as the No. 1
job generator in the country and one of the country’s
strongest residential markets.
Because of the continued improvement, along with
demand for all types of space inside the loop, the market
is seeing a number of new and expanded in-fi ll projects,
including mixed-use projects that combine retail with
residential, offi ce or other uses. Some of these projects
were delayed by the recession but are gearing up again
as the recovery picks up steam.
While major retail closings remain limited, the few
closings often garnered new uses. For example, Whole
Foods took the site of a former Randalls Flagship at
Houston’s Active Specialty Grocers
Houston
-24-
• Trader Joe’s, the famed California
based specialty grocer, which opened
a 14,000-square-foot space at 1440 S.
Voss in January 2013;
• Fiesta Mart, a specialty grocer that took a
41,000-square-foot Gerland’s location in Sugar
Creek Village at 13833 Highway 59 in Sugar
Land. The new Fiesta, which represents the
roll-out of the new specialty Fiesta Mart Place
concept, backfi lled a vacancy created in 2012;
• HomeGoods, which leased 28,500 square feet in
Silverlake Shopping Center at Texas 288 and FM
518 in Pearland;
• Golfsmith, which opened an Xtreme Interactive
store during the fi rst half of 2013 in a former
Sports Authority at 1210 Fry Road in Katy. The
store, in Westgate Marketplace, totals 40,151
square feet;
• Golfsmith this year also doubled the size of its
Baybrook store to nearly 30,000 square feet;
• Ross Dress for Less, which leased in the
Fountains on the Lake Shopping Center in
Stafford. Main Event family entertainment
center also opened in the Fountains on the Lake
in a 56,000-square-foot redeveloped space;
• Offi ce Depot, which leased approximately 7,800
square feet in Market Square Shopping Center,
located at Eldridge Parkway and Westheimer, for
a new small-format store;
• Nordstrom Rack, which announced a
31,000-square-foot store to open in Spring
2015 in Baybrook Square at I-45 and West Bay
Area Boulevard in Webster. The store will replace
a current DSW, which will relocate within the
center.
Additional information on new store openings is
included in the discussion on construction.
Restaurants also remain active, taking advantage
of the fact that Houston residents are among the
nations most frequent diners, according to Zagat.
New restaurant locations include: • Morton’s Grille, a more casual sister concept
to upscale Morton’s The Steakhouse, which
opened in September 2013 in The Woodlands.
The location is the fi rst ever for the national
concept;
• Texas de Brazil, a Dallas-based Brazilian
steakhouse, which opened its fi rst Houston
location at CityCentre. The 8,500-square-foot
location opened in the second quarter of 2013;
• Del Frisco’s Grille, a more casual concept from
Del Frisco’s Steakhouse, which opened in March
in the mixed-use West Ave project on Kirby;
center also opened in the Fountains on the Lake
in a 56,000-square-foot redeveloped space;
location at CityCentre. The 8,
location opened in the second
• Del Frisco’s Grille, a more casu
Del Frisco’s Steakhouse, whic
in the mixed-use West Av
Kroger Marketplace opened a 123,698-square-foot location
in 2013 as the anchor for Northpark Retail Center III in
Kingwood.
-25-
• Ruth’s Chris Steakhouse, which relocated its
Richmond Avenue location to 5433 Westheimer
in the Galleria area;
• True Food Kitchen, a concept that operates
in several states, which leased its fi rst Texas
location in BLVD place, a mixed-use project
under construction at Post Oak and San Felipe.
The concept is expected to open in early 2014;
• Mr. Peeples Seafood + Steaks, which opened in
a 40,000-square-foot three-story building at
1911 Bagby in Midtown;
• Kona Grill, an Arizona-based upscale concept,
which leased approximately 8,500 square feet
at 3 Waterway Square in The Woodlands for its
second Houston-area location;
• Max’s Wine Dive, which opened its second
Houston location at 214 Fairview Street in the
Montrose area;
• Pappasito’s, a Tex-Mex concept from Pappas
Restaurants Inc., which leased a location in the
Hilton Americas hotel in downtown Houston;
• Zoë’s Kitchen, a national Mediterranean
concept, which opened in March at 10850
Louetta road. Zoë’s now has 11 Houston-area
locations, several of which opened this past
year;
• Torchy’s Tacos, a popular Austin-based concept,
with 2013 locations in Rice Village and in the
Heights trade area, where it took part of the
former Harold’s store;
• Dunkin’ Donuts, which is expanding with
multiple locations.
In terms of new space in all-new or expanded retail
projects, Houston added approximately 679,000
square feet in new and expanded projects during
2013. During 2013, the market added 844,000 square
feet to the inventory.
New and expanded projects for 2013 include: • Kroger Marketplace, with a 123,698-square-foot
location that anchors Northpark Retail Center
III in Kingwood. In addition to the Marketplace
store, the center features approximately 25,000
square feet of small shop space;
• H-E-B, which opened a 91,000-square-foot
store at 3875 W. David, in Conroe Market;
• Whole Foods, which opened a 37,000-square-
foot store in January in Cinco Ranch at 6601 S.
Fry Road in Katy;
• Sam’s Club, a Walmart concept, which opened at
Westheimer and Eldridge in September;
• Costco, which opened a 153,000-square-foot
location at the northwest corner of Highway 59
and University Boulevard in Sugar Land in the
second half of 2013;
• Fiesta Mart, which opened a new
22,000-square-foot store at 210 E. Davis Street
in Conroe;
concept, which opened in March at 10850
Louetta road. Zoë’s now has 11 Houston-area
locations, several of which opened this past
year;
• Torchy’s Tacos, a popular Austin-based concept,
with 2013 locations in Rice Village and in the
Heights trade area, where it took part of the
former Harold’s store;
and University Boulevard in Sugar Land in the
second half of 2013;
• Fiesta Mart, which opened a new
22,000-square-foot store at 210 E. Davis Street
in Conroe;
Deer Park Retail is one of the new centers planned for 2014 or later.
-26-
• Alamo Drafthouse, an Austin-based dinner-
and-a-movie concept, which opened a
24,000-square-foot multi-screen facility in
February in Vintage Park, located off Tomball
Parkway and Louetta Road;
• Millennium High Street, an upscale mixed-use
project at 410 Westheimer, inside of the 610
Loop, which features street-level restaurant and
retail space, as well as apartments. The retail
includes Houston’s fi rst Seasons 52 restaurant,
as well as Fidelity Investments.
New projects for 2014 or later include: • Kroger’s 123,000-square-foot Kroger
Marketplace concept, which has 2014 stores
scheduled for Kuykendahl and West Rayford in
Spring and at Barker Cypress and Tuckerton in
Cypress. Kroger also plans a traditional store in
2014 in Humble;
• Creekside Park Village Center, a new center
under way on Kuykendahl Road at Creekside
Forest Drive in The Woodlands. The center, to
open in 2014, will be anchored by grocer H-E-B
and also include more than 50,000 square feet
of retail space;
• Walmart Supercenter, which is slated to open in
a 185,000-square-foot near the intersection of
I-45 and Wayside Drive in 2014;
• H-E-B, with new stores including one planned
for the southeast corner of San Felipe and
Fountainview in the Galleria area. The new store
represents the redevelopment of a former multi-
family complex;
• Vintage Marketplace, an approximately
71,000-square-foot center to be anchored by
Whole Foods. The project is at the southeast
corner of Louetta and Cutten roads in North
Houston;
• Whole Foods, which is on schedule to open a
store in the BLVD Place mixed-use development
at San Felipe and Post Oak;
• Whole Foods also plans a 40,000-square-foot
store at 1407 S. Voss Road, between Woodway
and San Felipe, for a 2015 opening. The store,
a relocation of the Whole Foods Woodway
location, is at the site of a Randalls Flagship
store that closed in mid-2013;
• Also for 2015, Whole Foods plans a
40,000-square-foot store as anchor to the
Hughes Landing mixed-use complex located
near the intersection of Lake Front Circle and
Lake Woodlands Drive in The Woodlands. Dallas-
based Whiskey Cake Kitchen & Bar will open its
fi rst Houston-area location in the project;
• LaCenterra at Cinco Ranch Phase III in Katy,
which broke ground in late 2013. The retail
space in the mixed-use phase will total 37,000
square feet to be anchored by Trader Joe’s;
Pine Hollow Shopping Center in Conroe is one of the Houston-area centers that saw occupancy increase in 2013.
-27-
Construction
20122013
1,000,000
800,000
600,000
400,000
200,000
0
Occupancy
Year-end 2012Year-end 2013
100%
90%
80%
70%
60%
50%
houston
• Academy Sports & Outdoors, which is under
construction in the Village at West Oaks at
Westheimer and Highway 6;
• A 150,000-square-foot center planned for the
intersection of Interstate 10 and Yale near the
close-in Heights neighborhood. The center’s
line-up will include Sprouts Farmers Market, LA
Fitness and Guitar Center;
• TopGolf, a golf-focused entertainment center,
set to open in 2014 at 560 Spring Park
Boulevard;
• Nordstrom, which plans to open a department
store in fall 2014 at The Woodlands Mall;
• Nordstrom Rack, which will build a
38,000-square-foot store at an exterior
entrance to Willowbrook Mall that is set for a
2014 opening;
• Costco, which will open a new Houston-area
store at I-10 and Grand Parkway.
In terms of rent, the Houston retail market is seeing
average quoted rents remain stable and, for the best-
located properties, show some of the most notable
increases in recent memory.
For small-shop in-line space in a well-located, anchored project: • Class A rates ranged from approximately $28 to
$37 on a per-square-foot-per-year basis.
• Class B small-shop average rates typically were
in the $18-$24-per-square-foot-per-year
range.
• Class C small-shop average rates typically were
in the $15-$18-per-square-foot-per-year
range.
The rates are average small-shop asking rates, and
rates at specifi c centers can be notably higher or
lower depending on location, anchors, type of tenant,
specifi c space sizes and demographics.
Houston’s retail market continues to benefi t from
an economy that continues to perform. For example,
the Houston Association of Realtors reports that 2013
was the market’s best year ever in terms of existing
home sales, with a volume of more than 73,000
single-family homes sold. Metrostudy notes that new
home starts during the year are at approximately
25,000, the strongest number since before the
recession.
The Texas Workforce Commission, in its most
recent totals available, reported that the Houston-
area economy added 79,600 net new jobs during
the 12-month period from October 2012 to October
2013. As a result, Houston’s unemployment rate at
year-end 2013 was 5.5 percent, compared to nearly 7
percent during the same period in 2012.
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houston mall map
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Sanantonio
-29-
new space, primarily in new Walmart Supercenter
locations. During 2012, the market added
approximately 560,300 square feet, with more than
half of the space occurring in project expansions or
redevelopments.
New space in new and expanded projects that opened during 2013 included: • A Walmart Supercenter that opened as the
anchor for Helotes Town Centre, located at the
intersection of Bandera Road and Leslie Road:
• A 150,000-square-foot Walmart store at 4096
N. Foster Road and FM 78;
• A 180,000-square-foot Supercenter at IH-35
North and Palo Alto Road, on the South Side;
• Westover Marketplace, with a 60,646-square-
foot expansion for a Toys “R” Us and Babies “R”
Us combined store, along with Dollar Tree.
For 2014 or later, new planned retail space includes: • Dominion Ridge, an upscale mixed-used project
at IH-10 and Dominion Drive, which will see
57,000 square feet of retail space come online
in early 2014. The tenant mix for Dominion Ridge
includes Silo Elevated Cuisine, Salons by JC,
Aldaco’s, CuppenCake espresso bar and bakery
lounge, Neva Face and Body Spa, Moda Bebe
children’s boutique, Toy Zone and First American
Title. These new concepts join existing CVS and
Chase Bank locations, which opened in 2012:
• Walmart Supercenters, one on Loop 410 West
and one at Nacogdoches and Thousand Oaks,
both of which opened in January 2014, past the
cut-off to be included in the 2013 construction
totals;
• A Walmart Supercenter at Wurzbach parkway
and Blanco Road, set to open by mid-2014;
• A Walmart Supercenter at Walzem Road and
Parkcrest Drive set for a 2014 opening;
• A 180,000-square-foot Walmart Supercenter
at Loop 410 and Ray Ellison in Southwest San
Antonio;
San Antonio Retail Market Posts Another Year of
Strong OccupancySAN ANTONIO - San Antonio’s retail market posted
and occupancy rate of 91.4 percent at year-end 2013,
compared to 90.2 percent at year-end 2012. The
market saw steady leasing and the backfi lling of key
vacancies, including two sites that had been vacant
since Mervyn’s went out of business in 2008.
The occupancy rate is based on a survey of 264
San Antonio area multi-tenant shopping centers
with 25,000 square feet or more conducted by The
Weitzman Group and Cencor Realty Services. The
survey covers a San Antonio retail market inventory
of 38,726,593 square feet.
San Antonio’s occupancy rate above 90 percent is
mirrored in the state’s other major markets of Austin,
Dallas/Fort Worth and Houston. In fact, 2013 marked
the fi rst time since 2004 that all four of the state’s
major markets posted retail occupancy rates above
90 percent.
During 2013, the San Antonio market experienced
a good level of activity, largely due to a metro area
that ranks as one of the country’s better-performing
economies. Years of low construction and new
projects that are almost exclusively built for users
have allowed the market’s vacancies to slowly be
absorbed. In the market’s strongest retail districts,
for example, vacant shop space and available end-
cap locations are in particularly short supply.
During 2013, construction exceeded the total
recorded in 2012 but still remained well below the
annual totals posted a decade or so ago. During
2013, the market added 704,108 square feet of
San Antonio
-30-
• A 185,000-square-foot Walmart Supercenter
planned for Cibolo, northeast of San Antonio,
at Cibolo Valley Drive and Borgfi eld Road. This
location might be a 2015 opening;
• A Walmart concept, Sam’s Club, which is set
to open two stores in late February 2014. One
location is at 2530 Marshall Road on the North
Side and one at 3239 Goliad Road on the South
Side;
• Several locations for Walmart Neighborhood
Market, the grocer’s smaller concept, which is
entering the San Antonio market in 2014;
• An upscale, 70,000-square-foot H-E-B store
at Hardy Oak and Wilderness Oaks in the Stone
Oak area;
• Quarry Village Phase II, which will add medical
offi ce and restaurant space to the existing
Trader Joe’s-anchored mixed-use complex;
• The Rim, a regional-draw project, which will add
a new phase in 2014.
Of the six submarkets used by Weitzman/Cencor
to defi ne the San Antonio retail market, fi ve reported
declines in overall vacant space, while only one
submarket reported an increase in vacancy. However,
in terms of footage, that increase in vacancy was less
than 17,000 square feet total.
By submarket: • North Central San Antonio, the second-largest
submarket with a retail inventory of 11,040,136
square feet of space, ended the year with 93.8
percent occupancy, an improvement over the
rate of 92.8 percent posted at year-end 2012.
This is San Antonio’s healthiest submarket in
terms of occupancy.
• Northeast San Antonio, with 7,018,485 square
feet of multi-tenant retail space, reported a
year-end 2013 occupancy rate of 88.7 percent,
a notable improvement over the 84.8 percent at
year-end 2012.
• Northwest San Antonio, the largest submarket
with 12,326,903 square feet, ended the year with
91.2 percent occupancy, an improvement over
year-end 2012’s rate of 90.0 percent.
• South Central San Antonio ended the year
with 92.1 percent occupancy, an improvement
compared to the 90.3 percent rate posted at
year-end 2012. The submarket is the third-
smallest in the metro area with 4,334,085
square feet.
• Southeast San Antonio, the market’s smallest
with 723,980 square feet, reported year-end
2013 occupancy of 90.8 percent, compared to
93.7 percent at year-end 2012. Southeast was
the only submarket to show occupancy decline,
in terms of footage, that increase in vacancy was less
than 17,000 square feet total.
with 723,980 square feet, reported year-end
2013 occupancy of 90.8 percent, compared to
93.7 percent at year-end 2012. Southeast was
the only submarket to show occupancy decline,
Mixed-use project Dominion Ridge is set to open in 2014 with several
notable locally based concepts, including Aldaco’s
and Silo Elevated Cuisine.
-31-
due to an increase in vacancy of approximately
17,000 square feet.
• Southwest San Antonio noted a slight increase
in occupancy to 88.61 percent, compared to
occupancy of 88.57 percent at year-end 2012.
The submarket reports 3,135,304 square feet of
retail space.
During 2013, San Antonio’s retail center categories
reported stability and higher occupancy rates for the
most part.
By center type: • Regional Malls - smaller department store
anchored malls - posted a healthy year-end
occupancy rate of 95.4 percent, a notable
improvement over the occupancy rate of 92.3
percent at year-end 2012. The occupancy
rate improved in part because of the new
planned location for Dick’s Sporting Goods,
which backfi lled 50,000 square feet of the
77,000-square-foot vacant Mervyn’s anchor
space at South Park Mall.
• Super-regional malls - the market’s largest
with three or more department store anchors
- posted an extremely healthy year-end
occupancy of 98.2 percent, compared to the
strong rate of 97.9 percent at year-end 2012.
The occupancy remains high and steady at
super-regional malls due to the strength of
projects like North Star Mall and The Shops at
La Cantera.
• Community centers - typically anchored by a
grocer and/or a discounter - posted a year-end
occupancy rate of 89.1 percent, representing
an increase in occupancy compared to the 88.2
percent at year-end 2012. This category also
reported the majority of new space in 2013.
• Neighborhood centers - smaller centers
typically 25,000 square feet to just under
100,000 square feet - have long been weakest
category in the San Antonio market, but the
category made gains in 2013. The category
reported year-end occupancy of 85.9 percent,
compared to 84.2 percent at year-end 2012.
Neighborhood centers, typically without major
traffi c draws, experienced some overbuilding
during the past decade due to low barriers to
entry, but occupancy gains are being seen at
a time of low construction and steady demand,
particularly from restaurant and medical offi ce
users.
• Power centers - regional-draw projects
anchored by large-format “category killer”
retailers and with limited small-shop space
- posted a year-end occupancy rate of 95.5
Alamo Ranch, one of the newer neighborhood centers in San Antonio, is 100 percent leased. As a category, neighborhood centers reported notable
occupancy improvement during 2013.
-32-
percent, compared to 92.5 percent at year-
end 2012. This category refl ects the continued
backfi lling of the market’s best-located box
vacancies.
In terms of absorption - the net increase or
decrease in occupied space - the San Antonio-area
retail market posted one of its highest absorption
totals in years - 1,244,931 square feet. By comparison,
2012 retail space absorption totaled 199,686 square
feet. Absorption, which represents the net increase
in occupancy in both new and existing space, showed
gains in part because nearly all of the market’s new
space in 2013 came online occupied. Additionally,
two vacant former department store boxes were
backfi lled during 2013. All six of San Antonio’s retail
submarkets posted positive absorption.
Retailers and restaurants continue to use existing
centers to expand, which is boosting occupancy.
For 2013, expanding retailers in existing space included: • Several in former Roomstore locations.
Roomstore exited the San Antonio market in
2012, leaving behind more than 176,000 square
feet of vacancy. But that is steadily being
absorbed. For example, the Tile Shop took the
former 31,200-square-foot Roomstore space
in 5219 De Zavala for a store that opened in the
fourth quarter of 2013;
• Gander Mountain, an outdoors superstore,
which leased 49,000 square feet at Westover
Marketplace, located at Loop 410 and Texas 151,
for a new store;
• Sears Outlet, which backfi lled 38,000 square
feet of the former Mervyn’s location at
Northwest Loop 410 and Ingram Road, by Ingram
Park Mall. With the Sears lease and the above-
mentioned Dick’s Sporting Goods lease, two
long-vacant Mervyn’s locations were backfi lled
during 2013;
• Conn’s, which took 40,000 square feet of a
former H-E-B box at Loop 1604 and Bandera
Road;
• Old Navy, which opened in 15,000 square feet at
Ingram Festival shopping center, located at NW
Loop 410 near Ingram Park Mall. The space fi lled
a vacancy created when Best Buy downsized at
the center;
• Total Wine & More and Sam Moon, a women’s
accessories retailer, both of which opened their
fi rst area stores in the former World Market
space in La Plaza del Norte, on Northeast Loop
410 across from North Star Mall. Total Wine
occupies approximately 23,000 square feet,
and Sam Moon occupies approximately 19,000
square feet;
• ChefStore, offering a wide range of restaurant
supplies, which leased 54,000 square feet in
The Concourse, located at U.S. 281 and Jones
Maltsberger. Additionally, Spec’s Wine & Spirits,
a spirits superstore out of Houston, backfi lled a
42,000-square-foot vacancy in The
Concourse, and Skechers leased
12,000 square feet;
former 31,200-square-foot Roomstore space
in 5219 De Zavala for a store that opened in the
fourth quarter of 2013;
and Sam Moon occupi
square feet;
• ChefStore, offering a w
supplies, which leased
The Concourse, locate
Maltsberger. Addition
a spirits superstore ou
42,000-squ
Concourse,
12,000 squa
Community centers, typically anchored by a grocer, showed increased occupancy during 2013. Shown here is H-E-B-anchored Culebra Market.
-33-
• Burke’s Outlet, a discount retailer, with its fi rst
area location in Wonderland of the Americas,
a mall located at Loop 410 and IH-10. Also at
Wonderland, Anna’s Linens opened during the
fi rst half of 2013 in 15,490 square feet;
• Gold’s Gym, which opened in Legacy Trails at
Potranco and Highway 151;
• DSW, a shoes-and-accessories superstore,
which opened a 17,000-square-foot store at
The Forum at Olympia Parkway, located along
Loop 1604 near IH-35;
The restaurant market is also seeing expansions
from quick-serve, fast-casual and fi ne dining
concepts.
New restaurant locations for 2013 included: • Bob’s Steak & Chop House, a Dallas-based
high-end steakhouse, which opened at The Rim,
located at IH-10 West and Loop 1604. Also at
The Rim, 54th Street Bar and Grill will open to
one of its several San Antonio locations in May
2014;
• Piatti, an Italian concept, along with Blue Box
Bar known for its location in the Pearl complex,
which located at the mixed-use Eilan project;
• Chuy’s, an Austin-based Tex-Mex concept,
which opened at IH-10 and Loop 1604;
• Panera Bread, which opened at Bitters Road and
U.S. Highway 281;
• Steak ‘n Shake Signature, which opened at
Alamo Ranch. The Signature concept is in an in-
line (not freestanding) space in the center;
• Raising Cane’s, a restaurant specializing in
chicken fi ngers, which opened an approximately
3,600-square-foot location at 19110 Stone Oak
Parkway in February 2013. Additional locations
opened at Culebra Road and Loop 1604, at
Broadway Street and Loop 410 and in Schertz;
• Stella Public House, which opened in the Blue
Star Arts Complex;
• Ruth’s Chris Steakhouse, which relocated from
Sunset Station to Grand Hyatt by the convention
center;
• Dunkin’ Donuts, which opened new locations at
12311 Nacogdoches Road on Culebra north of
Loop 1604 and at 5105 Walzem Road in Wincrest.
The concept is also under construction at
Blanco and Huebner;
• Minnie’s Tavern, which took the former Liberty
Bar space, well known as the iconic ‘leaning
building’ location;
• Bar Louie, a bar and restaurant concept, which
entered the San Antonio market with a location
in Village at Stone Oak, at the corner of Highway
281 and TPC Parkway, in the former Copeland’s
of New Orleans space. The concept also opened
at The Shops of La Cantera;
• Houston-based Brick House Tavern+Tap, which
entered the market in late 2013 with a location
at 1011 North Loop 1604 East;
• Chick-fi l-A, with new locations including one at
8221 Marbach Road on the far West Side, and
Bandera Oaks’ combination of retail, restaurants and service uses is typical of the type of
tenant mixes that drive traffi c and sales in San Antonio.
-34-
Construction
20122013
750,000
700,000
650,000
600,000
550,000
500,000
Occupancy
Year-end 2012Year-end 2013
100%
90%
80%
70%
60%
50%
San Antonio
one on South New Braunfels Avenue on the
Southeast Side;
• Zoë’s Kitchen, a Mediterranean concept, which
opened its second area location in The Strand
shopping center in Northwest San Antonio;
Asking retail rents remain stable in San Antonio,
with rents for the market’s strongest Class A retail
centers showing increases.
As of year-end 2013, the market posted an average
rate, taking into account all classes of space and all
types of centers, of $19.68 per square foot per year.
This is compared to the marketwide average rate of
$16.81 per square foot at year-end 2012 and is based
on a review of rental rates at 252 San Antonio-area
retail centers.
For centers by grade, the report fi nds that: • Average Class A asking rents for small-shop
in-line spaces in the market’s strongest centers,
including new construction, ranged from $23 to
the mid-$30s per square-foot per year. These
rates are for small-shop space in the newest
and strongest anchored projects.
• Class B asking rates typically are in the $15-to-
$19-per-square-foot range.
• Class C asking rates are in the $11-to-$15-per-
square-foot range.
San Antonio’s retail market continues to benefi t
from the continued soundness of the metro area’s
economy, which ranks as one of the better-
performing major markets in Texas and the country.
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-35-
san antonio submarket map
Name YE 2012
GLAYE 2012Vacancy
YE 2012% Vacancy
YE 2013GLA
YE 2013Vacancy
YE 2013% Vacancy
North Central 11,040,136 794,111 7.19% 11,040,136 686,523 6.22%
Northeast 6,735,113 1,024,434 15.21% 7,018,485 796,100 11.34%
Northwest 12,266,317 1,121,163 9.14% 12,326,903 1,087,557 8.82%
South Central 4,154,085 402,864 9.70% 4,334,085 343,284 7.92%
Southeast 723,980 50,189 6.93% 723,980 66,847 9.23%
Southwest 2,955,304 337,925 11.43% 3,135,304 357,102 11.39%
GRAND TOTAL 37,874,935 3,730,686 9.85% 38,726,593 3,337,413 8.62%
CenterCategory
YE 2012GLA
YE 2012Vacancy
YE 2012% Vacancy
YE 2013GLA
YE 2013Vacancy
YE 2013% Vacancy
NeighborhoodCenters 8,425,773 1,333,503 15.83% 8,573,473 1,210,229 14.12%
CommunityCenters 12,098,705 1,430,025 11.82% 12,742,017 1,384,687 10.87%
Power Centers 9,502,204 523,413 5.51% 9,562,850 433,377 4.53%
RegionalMalls 3,506,791 271,852 7.75% 3,506,791 149,258 4.26%
Super RegionalMalls 3,683,000 79,080 2.15% 3,683,000 70,703 1.92%
-36-
san antonio submarket summary
center category overview
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san antonio major mall map
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Appendix
Neighborhood Shopping CenterConcept ConvenienceSF Including Anchors 25,000-100,000Acreage 3-15 # of Typical Anchor(s) 0-1 or moreType of Typical Anchor Convenience storeAnchor Ratio 30-50%
Community Shopping CenterConcept General merchandiseSF Including Anchors 100,000-300,000Acreage 10-40# of Typical Anchor(s) 2 or moreType of Typical Anchor Discount department store, supermarket, drug store, home improvement, large specialty/discount apparelAnchor Ratio 40-60%
Regional Shopping MallConcept General merchandise, fashion (mall, typically enclosed)SF Including Anchors 400,000-800,000Acreage 40-100# of Typical Anchor(s) 2 or moreType of Typical Anchor Full-line department store, junior department store, mass merchant, fashion apparelAnchor Ratio 50-70%
Super-regional Shopping MallConcept Similar to regional center but has more varietySF Including Anchors 800,000+Acreage 60-120# of Typical Anchor(s) 3 or moreType of Typical Anchor Full-line department store, junior department store, mass merchant, fashion apparelAnchor Ratio 50-70%
Fashion/Specialty Shopping CenterConcept Higher-end, fashion orientedSF Including Anchors 80,000-250,000Acreage 5-25# of Typical Anchor(s) N/AType of Typical Anchor FashionAnchor Ratio N/A
Power Shopping CenterConcept Category-dominant anchors, few small tenantsSF Including Anchors 250,000-800,000Acreage 25-80# of Typical Anchor(s) 3 or moreType of Typical Anchor Category killer, home improvement, discount department store, warehouse club, off-priceAnchor Ratio 75-90%
Lifestyle Shopping CenterConcept Caters to consumers’ “lifestyle” pursuits and needs in an upscale settingSF Including Anchors Typically 150,000 to 500,000 plus# of Typical Anchor(s) N/AType of Typical Anchor Fashion department store, national specialty chain, destination restaurantAnchor Ratio N/A
Outlet Shopping CenterConcept Manufacturers’ outlet storesSF Including Anchors 50,000-400,000# of Typical Anchor(s) N/AType of Typical Anchor Manufacturers’ outlet storesAnchor Ratio N/A
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definitions
THE WEITZMAN GROUPThe Weitzman Group ranks as one of the largest full-service regional commercial real estate fi rms in the United States. The company ranks as a leader in the Texas real estate market, with offi ces in Dallas/Fort Worth, Austin, Houston and San Antonio.
The company specializes in leasing and selling commercial and retail properties and representing commercial space tenants. Through its divisions, The Weitzman Group fi elds one of the largest commercial real estate brokerage forces in Texas and has a leasing portfolio of more than 43 million square feet.
Commercial Retail Division
The Commercial Retail Division is comprised of three main specialties: • General commercial brokerage • Tenant representation • Project leasing
Corporate Services DivisionThe Corporate Services Division specializes in the representation of offi ce space users in Dallas/Fort Worth and other Texas markets. The division handles all aspects of:• Tenant representation • Offi ce building site selection • General lease negotiations • Lease re-negotiations (renewals)
Investment Properties GroupThe Investment Properties Group offers investment opportunities and services for buyers and sellers in fi ve major categories:• Retail properties • Industrial properties • Offi ce buildings • Land • Disposition properties
CENCOR REALTY SERVICESCencor Realty Services is one of the largest regional commercial real estate management and development services fi rms in the United States. The Company is headquartered in Dallas/Fort Worth and also operates offi ces in Austin, Houston and San Antonio. Cencor’s services include property management, asset management, construction services, renovation and redevelopment services, as well as related services.
Cencor currently manages a retail portfolio of more than 22 million square feet, making it one of the largest retail property management services fi rms in the U.S. Cencor’s properties are primarily located in Dallas/Fort Worth, Austin, Houston and San Antonio.
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Company Divisions
Our 2014 Shopping Center Survey and Forecast would not be possible without valuable input from our retail real estate associates who provided in-depth knowledge of the retail markets in Dallas, Fort Worth, Austin, Houston and San Antonio.
In the Dallas area, the survey covers 957 neighborhood, community, power, regional and super-regional shopping centers with 25,000 square feet or more.
In the Fort Worth area, the survey covers 415 neighborhood, community, lifestyle, power, regional andsuper-regional shopping centers with 25,000 square feet or more.
In the San Antonio area, the survey covers 264 neighborhood, community, lifestyle, power, regional andsuper-regional shopping centers with 25,000 square feet or more.
Each market is surveyed for conditions relating to occupancy, leasing, new and expansion construction, tenant and user activity, rental rates and historical comparisons.
We also would like to thank the following people for their valuable contributions.
Survey Data Survey Production
Michael Meyers Von Pearce
Vice President - Operations Graphics Communications Director Production Coordination Tammy Jerpi
Research Director Ian Pierce
Director of Corporate Communications Writer/Editor
Amanda Owens
Senior Marketing Associate Production Design
CopyrightCopyright 2014. The data in this report is gathered from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
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acknowledgements
