NEW YORK AVENUE CORRIDOR STRATEGY
laneous stores ; and health and personal care . The remaining categories currently have retail surpluses . Projected demand from new household formation over the next ten years is determined by multiplying growth in households with that portion of household income typically spent on general retail and service purchases . This figure also shows the level of demand by retail category that will be generated by new household formation .
Finally , the figure shows that there is considerable “ leakage ” in the Trade Area for the retail categories identified above . The level of “ leakage ” estimated in current retail categories is approximately $ 97.4 million in retail spending , which could support an additional 300,000 square feet of space . This indicates a substantial “ void ” in the current market for these retail store types .
Fig . 3.18 shows that an additional $ 180.7 million in retail spending is anticipated from new household growth . Applying a reasonable market capture rate of 15 %, the corridor could absorb approximately 137,000 square feet of new retail / restaurant / service space over the next 10 years .
OFFICE DEMAND
Demand for new office space is derived from two primary sources : expansion of existing industry and the relocation of new companies into the market . Employment projections by industry classification for the Trade Area were used to estimate demand over the next 10 years . Assuming an overall 1.5 % sustained annual employment growth rate , the Trade Area should add approximately 24,168 new jobs between 2012 and 2022 . Assuming differing levels of office space needed across various industry categories , the analysis revealed demand for nearly 1.4 million square feet of new office space over this period . At a relatively modest 5 % capture rate , the corridor could absorb approximately 74,000 square feet of new office space by 2022 ( See Figure 3.19 ).
INDUSTRIAL DEMAND
Demand for new industrial space is also derived from the same two primary sources as office space : expansion of existing industry and the relocation of new companies into the market . Employment projections by industry classification for the Trade Area were used to estimate demand over the next 10 years . Again , assuming an overall 1.5 % sustained annual employment growth rate , the Trade Area should add approximately 24,168 new jobs between 2012 and 2022 . Assuming the different levels of industrial space needed across various industry categories , the analysis revealed demand for nearly 3.6 million square feet of new industrial space over this period . Using the same 5 % capture rate as office space , the corridor could absorb approximately 178,000 square feet of new industrial space by 2022 ( See Figure 3.20 ).
DEMAND SUMMARY
Figure 3.21 summarizes potential New York Avenue Corridor absorption of land uses over the next 10 years .
DEMAND IMPLICATIONS Residential
• Over the past five years , there has been a slight shift in the North Texas to more higher-density housing products , e . g ., townhomes , condominiums and apartments . However , this growing townhome / condominium market has largely occurred in more urban portions of the
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FINAL REPORT | SEPTEMBER 2013