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Market Report

Dallas-Fort Worth Retail Market Report

2024 Investment Forecast

Entering the Year with Record-Low Vacancy,
Economic Tailwinds Support a Bullish Outlook

Expansionary consumer base stokes retailer interest. Dallas-Fort Worth’s population rose by more than 600,000 residents over the past five years, fueled by diverse employment prospects and cost-of-living advantages. Reflecting this, the Metroplex has led the U.S. in net job growth since the onset of the pandemic. The enlarging labor force translates to a strengthening long-term retail spending outlook, generating leasing from expanding local brands and new vendors eager to establish a footprint. This momentum compressed vacancy to a record low of 4.8 percent at the onset of 2024. Major submarkets with rates below that mark include Near North, Southeast and West Dallas, as well as Suburban Fort Worth. Historic tightness, meanwhile, is prompting greater development, with 2024’s construction volume on track to exceed last year by about 450,000 square feet. Far North and North Central Dallas combine for over half of the new retail space, limiting supply-side pressure elsewhere. Frisco, Prosper and McKinney are gaining a major share of new supply, warranted by fast growing consumer bases.

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