Current Market Considerations The East Berry corridor currently hosts about 2,300 apartments, representing a variety of product types and ages. More than 415 units have been built in the study area since 2020, demonstrating current development momentum. However, it’s important to note that significant federal and local subsidies were utilized to deliver most of the new units during that period. Similarly, the units are price controlled with a portion of the units being listed at 30% Area Median Income (AMI), making them accessible to residents with diverse needs and income levels. There are several projects proposed within the study area, while Palladium East Berry Street is under construction, and anticipated to deliver an additional 240 units. Overall, multifamily along East Berry Street has a lower vacancy rate when compared to the Fort Worth Metroplex at 6.1%. However, price points are also lower, averaging less than $900 per month, which will present a barrier to entry for new construction in the short-term. The 1.3 million square feet of retail space along the corridor is strategically concentrated at major intersections and interchanges with access to interstate highways (US-287). Most of the retail space within the corridor is free standing, constituting more than half of the total development. The table below illustrates the total retail square footage categorized by typology within the corridor.
East Berry Corridor Retail by Typology Gross Leasable Area (GLA)
Share of Total Retail Space
Power Center
313,404 179,320 101,680 787,991
22.70% 13.00%
Neighborhood Center
Strip Center
7.40%
Free Standing Building
57.00%
Total
1,382,395
100.00%
Source: CoStar
There is very little available retail space today with the current vacancy rate estimated at less than 1.0%; however, price points will be a challenge, particularly for retailers that are part of vertically integrated buildings as planned for the large-scale activity nodes. There are currently limited modern office offerings along the corridor with only 88,000 total square feet. Of the existing office space, nearly 80% is classified as Class C, with the remainder classifying as Class B. There is more than 25,000 square feet of medical office space within the corridor, and average lease rates are estimated at less than $10 per square foot.
164 | East Berry Corridor Study
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