AMARILLO, TX (KFDA) - Retail space is a hot commodity across Amarillo and experts estimate it's demand is only going to increase.
Even during times of economic down turn, our retail occupancy stays above 90 percent. Latest reports have our current rates just above 94 percent.
What this means for consumers is there is a lot of competition in our area, which has the potential to expand as space becomes available.
"We're seeing a lot of interest from national retailers outside the market that are looking at Amarillo," said Retail Specialist for Coldwell Banker, Justin Kite. "I think over the next two to three years you'll see that expand and you'll see some national retailers coming to the market."
There are three classes of retail spaces A, B and C.
Big box and department stores are given an A rating because they are in high traffic areas and easily accessible.
Class B spaces are less expensive and typically locally run.
Financial experts said regardless of class, there is a high level of confidence among developers and consumers.
"I think they go hand in hand," said Small Business Loan Officer with Amarillo National Bank, Amy Henderson. "If the consumers are positive and are going to spend more of their discretionary money, then that makes our small businesses grow and it feeds the economic cycle here in Amarillo."
While the most notable development takes place in class A retail space, small businesses have also been expanding.
Loan officers told us their clients are opening businesses, purchasing more equipment and hire more people during this retail growth period.