In 2002, about 600,000 sf of retail space came on line, down from about one million sf in 2001, according to Scott Freid, executive vice president in charge of the Austin office of the Dallas-based Weitzman Group. Developers are stepping up the building pace this year and next and plan to add about two million sf, Freid says.
Not to worry, says Lance Morris, Weitzman's senior vice president and broker in charge in Austin. Most of the space coming on line is spoken for--or else it wouldn't be built, he tells GlobeSt.com. Retailers such as Target and Ross Dress for Less have committed to occupy space coming on line.
Retailers of all stripes, led by Wal-Mart and Target superstores, are filling the space. Those large retailers are bringing smaller stores in their wake. Grocers such as Albertsons and H-E-B also are adding Austin-area locations.
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