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Retail Predicted to Keep Flexing Muscles in 2003

AUSTIN-Marcus & Millichap forecasts the retail market, fueled by population and job growth, will remain strong with high rents, although a slight vacancy increase is expected. Development activity will likely happen in outlying areas.

By Tim Green | Updated on November 21, 2002

AUSTIN-The retail real estate market should continue to be strong in 2003, outperforming other commercial real estate sectors, according to a report from Marcus & Millichap Real Estate Investment Brokerage Co. The report says people continue to move to the Austin area and that job growth is rising.

Employment was up 0.6% in the third quarter over the 2001 third quarter, the first year-over-year increase since the first quarter of 2001. For all of 2002, however, employment will fall 0.2% because of the continued job losses in technology.

Developers should deliver about 1 million sf in 2003, a bit lower than the 1.1 million sf delivered this year. While developers continue to look for good infill spots, activity will remain focused on outlying areas.

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