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THREE BIG DRIVERS

3 THINGS 01

ABOUT 4 POPULATION GROWTH

TEXAS MARKETS AUSTIN: Growth added 55,269 new residents in 2017, bringing the metro area to nearly POPULATION 2.2 million people. D-FW: Ranks No. 1 in the nation for growth, GROWTH, JOB based on a population increase of 146,000 during 2017, bringing the total GROWTH, STRONG population to 7.2 million. : ECONOMIES A national leader for growth, based on a population increase of 94,417 new residents in 2017, bringing the population to 6.9 million. 150K Δ 146,000 SAN ANTONIO: Population now totals 2.5 million, due 100K Δ 94,417 to a population increase of 47,763 new residents in 2017. Δ 55,269 Δ 47,763 GROWTH

50K 02

JOB GROWTH SAN 12 MONTHS ENDING MARCH 2018 AUSTIN D-FW HOUSTON ANTONIO POP 2.2 M 7.2 M 6.9 M 2.5 M AUSTIN: Ranks in the nation’s top 10 job markets with 36,800 jobs added. Our 4 major-metro markets currently report D-FW: their highest retail occupancy rates in years. This Ranks number 2 in the nation for job is due in part to stellar population and job growth, growth based on an increase of 101,200 healthy economies and, importantly, near-record-low net new jobs added. HOUSTON: development even in the midst of a healthy retail Ranks 4th nationally with new job environment. growth of 62,500. Here are 3 key things to know about our 4 metro SAN ANTONIO: 27,273 jobs added; unemployment rate markets. of 3.5%. For the full report, visit weitzmangroup.com.

WEITZMAN: 2018 1ST QUARTER 1 3 THINGS TO KNOW ABOUT 4 MARKETS 100% 03

RETAIL GROWTH 90% ALL FOUR RETAIL MARKETS ENJOY STRONG PERFORMANCE, INCLUDING SOME RECORD-HIGH OCCUPANCY 80% RATES.

THE MARKETS ALL REPORTED NEAR- 70% RECORD-LOW CONSTRUCTION IN 2017, WHICH BOOSTS OCCUPANCY BY DRIVING EXPANDING CONCEPTS 96.0% 92.5% 95.0% 94.0% TO EXISTING SPACE IN ESTABLISHED 60% AUSTIN DFW HOUSTON SAN SUBMARKETS. NEW SPACE FOR ANTONIO 2018 SHOULD BE SIMILARLY INVENTORY 48.8 M 197.9 M 158.1.0 M 45.8 M CONSERVATIVE. RETAIL OCCUPANCY FOR 4 TEXAS CITIES AUSTIN HOUSTON 48.8-million-SF retail inventory 158.1-million-SF retail inventory The Austin area currently reports Houston is at 95.0% retail occupancy, 96.0% occupancy, making it the thanks to a diverse economy that has strongest market in Texas in terms of performed well through a hurricane’s occupancy. aftermath and an energy slump. NEW SPACE Austin added only 640,000 square feet Construction in 2017 added 2.8 million LEADERS 2017-2018 in 2017, largely in grocery-anchored square feet, a decrease over 2016, with AUSTIN: Nordstrom Rack, and power-anchored retail. For 2018, we new space dominated by grocery- and Randalls, H-E-B, 365 by Whole expect to see an uptick in new space. power-anchored projects along a major Foods, Field & Stream, Dick’s new freeway expansion Sporting Goods, D-FW: Neiman Marcus, AMC, / FORT WORTH SAN ANTONIO IKEA, , WinCo Foods, REI, Barnes & Noble, Tom 197.9-million-SF retail inventory 45.8-million-SF retail inventory Thumb, Costco, Dick’s Sporting Goods, , Sprouts D-FW is at a three-decade high in San Antonio reports a healthy 94.0% terms of occupancy and is now at occupancy, a rate that should continue HOUSTON: H-E-B, Kroger, 92.5%, exceeding the previous high for the rest of 2018 and beyond. Target, Burlington, Hobby point of 92% in 1984. New construction added only 360,000 Lobby, Walmart, Dick’s Sporting D-FW only added 4.2 million square Goods, Lowe’s, Academy, Barnes square feet, largely for limited grocery- & Noble, Ross, 365 by Whole feet in 2017, with new space dominated anchored construction. The biggest Foods by grocery- and entertainment- construction news is set for 2019, anchored retail, as well as key mixed- when IKEA opens as the anchor for the SAN ANTONIO: H-E-B, Sprouts, use projects with significant retail 900,000-square-foot Live Oak Town La-Z-Boy, The Rustic, IKEA components. More of the same is on Center. IKEA broke ground in the first track for 2018. quarter of 2018.

WEITZMAN: 2018 1ST QUARTER 2 3 THINGS TO KNOW ABOUT 4 TEXAS MARKETS