For retail, Dallas appears to be a stable market — but investment activity has contracted. In the third quarter, sales went down to a volume of $457.5 million, roughly half the $924.2 million total posted in the previous three months.
By square footage, ALTO RE Funds made the largest acquisition in the third quarter, with its 216,604 square foot buy of Vista Ridge Plaza in the Lewisville submarket. The runners-up were Ibni Investments LLC and RJB Group LLC's deals to buy 182,806 square feet and 156,715 square feet properties, respectively.
Rents were also sluggish, with asks declining by nine cents to $21.65 per square foot.
Meanwhile, other fundamentals in the market point to stabilization. For example, the availability rate remained stagnant at 4.9 percent, which was driven by a "boost in occupancy," according to CBRE.
The increase in demand was most impressive, with net absorption at positive 132,000 square feet and up more than triple from the second quarter's 36,000 square feet. The lifestyle and mall category was the only one to see negative absorption, with the group posting -271,000 square feet.
However, demand didn't outpace the 403,000 square feet of deliveries. That said, supply is at least down from the 551,000 square feet posted in the second quarter.
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