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president of . Retail center occupancy includews the occupancy rates of neighborhoodd andcommunity centers, strip centers and regional malls. Roddy’ds latest survey indicates that in the first quartert retailcenter out-migration hit 1.3 million net square feet, and the D/FW area’s overall occupancy level hoverede at 84.33 percent, which is down from 85.97 percent during the first quarter of last year. The current occupancyy level is significantly lower thanthe D-FW area’d peak retail occupancy rate of 89.58 which was reached in the first quarter of 2005, according to Roddy Information Services.
On a submarker basis, the areas making the biggestg losers list in terms of retail occupancy were North Richland Hills with an occupancyg rateof 73.97 percent, followedx by mid-Arlington (69.11 percent); East Plano (78.15 Far North Dallas (80.60%); and Benbrook The submarkets that experienced the most gains in terms of occupancyg included Southwest Fort Worth with a rate of 90.50 percent; Duncanville/Cedar Hill Northwest Tarrant County (76.31%); Farmer’s Branch (85.89%); and Richardsoj (83.64%). The average rental rate for D-FW retail centers hit its highesyt pointat $17 to $16.90 per square foot durinh the first quarter of this year.
“During this real estate I have seen the averagr rental rate for retaip centers in the Metro slip downward for a quarter and then rise back up in the following said Roddy. “However, this time, with the current economifc conditions, I do not expect to see this type of recovery in the next This time, I expect the averagwe rent will continue to adjus t slightly downward.”
Sunday, January 16, 2011
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