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Retail Information

Download the Retail Market Survey Here

The Retail Market Survey is an annual publication produced by Burns Commercial Properties. The Survey reviews the availability and demand all retail real estate in Tyler, TX

Retail owners interested in acquiring operating space will find the survey an excellent tool for comparative research of lease rates and options. The survey can be downloaded by clicking the document on the left or can be viewed at the Burns Commercial Properties.


 

OVERVIEW

The Retail Market Survey compiled by Burns Commercial Properties reveals that the retail sector continues to be the strongest sector of the Tyler commercial real estate market.
 
The seventy four properties surveyed (up from sixty eight last year) currently report an occupancy rate of eighty seven percent, almost identical to the eighty seven and one half percent level in last year’s survey.
 
The average asking rate for leases stands at $17.88 per square foot per year, an increase from the $16.83 rate calculated in the 2016 report.
 
The total amount of retail space represented by the participating properties is 3,385,009 square feet, an increase of 105,192 square feet. The amount of vacant space stands at 445,421 square feet, up from 407,081 square feet. The total absorption of space during the year was 66,852 square feet.
 
The problems existing nationwide which major retailers are struggling with concerns the increased tendency of shoppers to purchase goods online rather than in stores. A number of major chains have been closing stores due to a downturn in sales. Thus far, Tyler has experienced the closing of the Macy’s Department store and Gordmans. Another negative occurrence in the local market has been the recent closing of several restaurants, some of which occurred after the data for this report had been obtained. This trend could become more pronounced in Tyler during the current year as the retail sales taxes collected by the City of Tyler decreased in calendar year 2016.
 
Because of the impact of online shopping, plus the large amount of retail space constructed in the past three years, it is likely that additional large retail centers will not be considered prudent by developers and lenders.
 
Forty of the centers surveyed reported occupancy rates of ninety percent or higher. The bulk of the properties which reported a large percentage of vacant spaces are either older properties or newly constructed centers which are still in the lease up stage.
 
This survey does not include Broadway Square Mall or single tenant free standing properties.
 
Thanks to the owners and Property Managers who provided the data necessary to complete this report, and to Rebecca Hitt of the Burns Commercial Properties staff for compiling it.
 

Taylor Burns
Burns Commercial Properties

 

RETAIL COACH

Primary Retail Trade Area Demographic Profile January 2015

Community Demographic Profile January 2015