3 Things about 4 Texas markets
Texas major-metro retail markets are being driven by growth in population and jobs, as well as these markets’ overall strong economies.
In terms of population growth:
Growth added 55,269 new residents in 2017, bringing the metro area to nearly 2.2 million people.
Ranks No. 1 in the nation for growth, based on a population increase of 146,000 during 2017, bringing the total population to 7.2 million.
A national leader for growth, based on a population increase of 94,417 new residents in 2017, bringing the population to 6.9 million.
Population now totals 2.5 million, due to a population increase of 47,763 new residents in 2017.
In terms of job growth (based on BLS reports ending October 2019);
Ranks as the nation’s 7th fastest growing job market with 40,400 jobs added.
Ranks as a top market for job growth based on an increase of 108,000 net new jobs added.
Ranks 5th nationally with new job growth of 128,700.
9,500 jobs added; unemployment rate of 3.1%.
AUSTIN: 49.5-million-SF retail inventory
The Austin area currently reports 96.1% occupancy, making it the strongest market in Texas in terms of occupancy. Austin is on track to add only 700,000 square feet in 2017, largely in grocery-anchored, mixed-use and power-anchored retail.
DALLAS - FORT WORTH: 198.1-million-SF retail inventory
D-FW is at a three-decade high in terms of occupancy and is now at 92.5%, second only to the previous high point of 92.7% in 2016. D-FW is on track to add 4.2 million square feet in 2018, with new space dominated by grocery- and entertainment-anchored retail, as well as key mixed-use projects with significant retail components.
HOUSTON: 160.0-million-SF retail inventory
Houston is at 95.1% retail occupancy, thanks to a diverse economy that has performed well through a hurricane’s aftermath and an energy slump. Construction in 2018 is on track to add 2.7 million square feet, a decrease over 2016 and 2017, with new space dominated by grocery- and power-anchored projects along a major new freeway expansion
SAN ANTONIO: 46.1-million-SF retail inventory
San Antonio reports a healthy 95.0% occupancy, a rate that should continue for the rest of 2018 and beyond.
New construction is adding only 301,000 square feet in 2018, largely for limited anchored construction. The biggest construction news is set for 2019, when IKEA opens as the anchor for the 900,000-square-foot Live Oak Town Center. IKEA broke ground in the first quarter of 2018.