Texas Market Intelligence

<p><strong>Last updated:</strong> 2026-04-01 <strong>Kimco properties:</strong> 8 (including one undeveloped 8.54-acre land parcel)</p> <h2>Demographics</h2> <ul> <li><strong>MSA population:</strong> ~2.5M (2025)</li> <li><strong>Growth:</strong> 50,000+ residents added in past year — strong but moderating from pandemic-era peaks</li> <li><strong>Trend:</strong> Growth increasingly suburban — Williamson County (Round Rock, Cedar Park) and Hays County (Kyle, San Marcos) fastest growing</li> <li><strong>Key driver:</strong> Tech sector (Tesla, Apple, Google, Oracle, Samsung) though diversifying</li> </ul> <h2>Retail Market</h2> <ul> <li><strong>Occupancy:</strong> 97% — <strong>healthiest major TX retail market</strong></li> <li><strong>Inventory:</strong> ~53.9M SF (projects 25K+ SF)</li> <li><strong>Construction:</strong> 1.1M SF active (up from 486K in 2024)</li> <li><strong>Anchors driving new construction:</strong> H-E-B, Lowe's, Home Depot, plus fitness/entertainment concepts</li> <li><strong>Rents:</strong> $31/SF — highest among TX major metros</li> <li><strong>Outlook:</strong> Top 10 nationally for retail sales growth in 2026</li> <li><strong>Key concern:</strong> Rising occupancy costs (taxes, insurance, triple nets) pressuring tenants</li> </ul> <h2>Multifamily Market</h2> <ul> <li>Detailed 2026 data to be gathered — general TX trend of supply contraction applies</li> <li>Austin experienced significant oversupply in 2023-2024 but is normalizing</li> </ul> <h2>Kimco-Specific Implications</h2> <ul> <li><strong>Mueller Regional Retail Center</strong> (357K SF) is the standout — part of the 700-acre Mueller Airport redevelopment, one of Austin's most significant urban infill projects. 5,700 new homes, Dell Children's Hospital, Austin Film Studios all adjacent. H-E-B and other anchors</li> <li><strong>Austin Land Parcel (8.54 acres)</strong> — undeveloped, 100% Kimco owned. No address listed in GridWatch data. <strong>This needs investigation — potential development site in one of the strongest retail markets in the US</strong></li> <li><strong>Three Cencor Realty properties</strong> (Century South, Round Rock, Homestead) at 70% ownership — may have JV-related constraints on development</li> <li><strong>NO GridWatch coverage for Austin</strong> — this is a significant gap given 8 properties and 97% occupancy rate. Austin city agendas should be a priority addition</li> <li>H-E-B's dominance in Austin means grocery-anchored centers are in high demand</li> </ul> <h2>Sources</h2> <ul> <li>ECR Austin Market Report</li> <li>Weitzman/D Magazine TX Retail Breakdown</li> <li>Marcus &amp; Millichap Austin 2026 Investment Forecast</li> <li>AQUILA Commercial Market Intelligence</li> </ul>

<p><strong>Last updated:</strong> 2026-04-01 <strong>Kimco properties:</strong> 6 (Dallas, Fort Worth, Frisco, Grand Prairie, Mesquite, Plano)</p> <h2>Demographics</h2> <ul> <li><strong>MSA population:</strong> ~8.1M (2025)</li> <li><strong>Growth:</strong> 152,000 residents added — <strong>#1 in US</strong></li> <li><strong>Trend:</strong> Dallas County lost 2,616 residents; growth "overflowing" to Collin, Denton, Tarrant suburban/exurban counties</li> <li><strong>Fastest-growing submarkets:</strong> Frisco/Prosper, Allen/McKinney, NW Fort Worth</li> </ul> <h2>Retail Market</h2> <ul> <li><strong>Construction:</strong> 7.2M SF underway — <strong>leads the nation</strong></li> <li><strong>Pipeline concentration:</strong> 65% in Collin/Denton Counties, 15% Dallas County</li> <li><strong>Vacancy pressure:</strong> Not expected despite active pipeline due to strong absorption</li> <li><strong>Key trend:</strong> Suburban growth corridors driving demand — aligns with Kimco's suburban portfolio positioning</li> </ul> <h2>Multifamily Market</h2> <ul> <li><strong>Vacancy:</strong> 12.0% (elevated from record deliveries over past 2 years — inventory grew 11%)</li> <li><strong>Recent deliveries:</strong> 33,000 units over past 12 months</li> <li><strong>Pipeline declining:</strong> Construction starts down 30% YoY; 31,000 units underway (lowest since 2015)</li> <li><strong>2026 outlook:</strong> Deliveries expected to decline ~62% — shifting to operator's market</li> <li><strong>Absorption hotspots:</strong> Frisco/Prosper, Allen/McKinney, NW Fort Worth</li> <li><strong>Drivers:</strong> Population growth, quality schools, proximity to major employers (Toyota, Frito-Lay, JP Morgan Chase)</li> </ul> <h2>Kimco-Specific Implications</h2> <ul> <li><strong>Montgomery Plaza (Fort Worth)</strong> is the big story — 600 apartments approved adjacent to the property, plus Ulta Beauty build-out. West 7th corridor is one of Fort Worth's most dynamic mixed-use areas</li> <li><strong>Preston Lebanon Crossing (Frisco)</strong> — 249K SF in one of the fastest-growing suburbs in the US. No GridWatch coverage for Frisco — needs to be added</li> <li><strong>Accent Plaza (Plano)</strong> — GridWatch coverage active via plano-pz jurisdiction</li> <li><strong>Lake Prairie Towne Crossing (Grand Prairie)</strong> — GridWatch coverage active</li> <li><strong>Kroger Plaza (Mesquite)</strong> — grocery-anchored, stable suburban asset</li> <li>DFW's multifamily supply contraction is favorable for Kimco's multifamily entitlement strategy</li> </ul> <h2>Sources</h2> <ul> <li>CBRE DFW 2026 Outlook</li> <li>Marcus &amp; Millichap DFW Investment Forecast</li> <li>Matthews Q4 2025 Multifamily Report</li> <li>D Magazine / Weitzman Texas Retail Breakdown</li> </ul>

<p><strong>Last updated:</strong> 2026-04-01 <strong>Kimco properties:</strong> 35 (largest TX concentration)</p> <h2>Demographics</h2> <ul> <li><strong>MSA population:</strong> ~7.5M (2025)</li> <li><strong>Growth:</strong> ~140,000 residents added in 2025 — #2 in US</li> <li><strong>Trend:</strong> Core city growth saturating, suburban ring counties (Fort Bend, Montgomery, Galveston) fastest growing</li> </ul> <h2>Employment</h2> <ul> <li>Energy sector remains dominant but diversifying (healthcare, tech, logistics)</li> <li>Texas Medical Center is world's largest medical complex</li> <li>Port of Houston — largest US port by foreign tonnage</li> </ul> <h2>Retail Market</h2> <ul> <li><strong>Vacancy:</strong> 5.6% (Q4 2025), flat QoQ, up 20bps YoY</li> <li><strong>Rents:</strong> $20.32/SF (NNN), slight dip from $20.53 prior year</li> <li><strong>Leasing volume:</strong> 9M+ SF in 2025, near decade average — durable demand</li> <li><strong>Trend:</strong> Grocery, fitness, experiential tenants clustering in high-traffic centers</li> <li><strong>Submarket dynamics:</strong> North/NW/SW Houston vacancy flat or declining even as single-tenant availability increased</li> <li><strong>Bankruptcy impact:</strong> JOANN, Party City closures created modest vacancy pressure (Kimco specifically noted this)</li> </ul> <h2>Multifamily Market</h2> <ul> <li><strong>Vacancy:</strong> 11.6% (elevated from recent deliveries)</li> <li><strong>Construction pipeline:</strong> Contracting sharply — only 3,500 units expected in 2026 (lowest since 2013)</li> <li><strong>2027 forecast:</strong> ~4,300 units, still well below historical norms</li> <li><strong>Inside Loop 610:</strong> Deliveries will equal just 10% of 2025 total</li> <li><strong>Rent growth:</strong> Positioned for 4.9%+ in 2026 due to shallow decline cycle + limited construction</li> <li><strong>Outer ring gains:</strong> Conroe, Baytown, Galveston posting consistent rent gains</li> <li><strong>Urban core:</strong> Average rents &gt;$2,000/mo, vacancy ~5%, holding firm</li> </ul> <h2>Kimco-Specific Implications</h2> <ul> <li>35 properties = massive Houston exposure, primarily suburban grocery-anchored centers</li> <li>Multifamily supply contraction creates favorable environment for Kimco's multifamily-on-retail strategy</li> <li>Grocery/fitness/experiential tenant clustering trend benefits Kimco's portfolio positioning</li> <li>River Oaks is the flagship — culturally significant, requires careful community engagement</li> <li>Grand Parkway Marketplace (Spring) is the development success story — BGE engineered, fully leased</li> </ul> <h2>Sources</h2> <ul> <li>Houston.org Quarterly Updates</li> <li>Marcus &amp; Millichap 2026 Investment Forecast</li> <li>Berkadia Mid-Year 2025 Report</li> <li>Matthews Q3 2025 Multifamily Report</li> </ul>

<p><strong>Last updated:</strong> 2026-04-01 <strong>Kimco properties:</strong> 12 (9 RGV + 3 Laredo)</p> <h2>Demographics</h2> <ul> <li><strong>McAllen-Edinburg-Mission MSA:</strong> ~900K population</li> <li><strong>Laredo MSA:</strong> ~280K population</li> <li><strong>Growth:</strong> Moderate, driven by cross-border trade and logistics</li> <li><strong>Key economic drivers:</strong> International trade (US-Mexico border), agriculture, healthcare, military (Naval Air Station Corpus Christi nearby)</li> <li><strong>Income levels:</strong> Below TX metro averages — median household income significantly lower than Houston, DFW, Austin, SA</li> </ul> <h2>Border Market Dynamics</h2> <ul> <li>Cross-border retail is a significant driver — Mexican nationals shopping in US</li> <li>Trade policy (tariffs, border enforcement) directly impacts retail traffic</li> <li>Immigration policy changes affect both labor availability and customer base</li> <li>Peso/dollar exchange rate influences cross-border shopping patterns</li> </ul> <h2>Kimco-Specific Implications</h2> <ul> <li><strong>12 properties</strong> — 3rd largest TX concentration after Houston and RGV/Laredo combined</li> <li><strong>JV structure:</strong> 6 RGV properties at 50% ownership via WRI Collins (RIOCO) — Kimco has limited unilateral development authority</li> <li><strong>3 Laredo properties</strong> at 100% ownership (all WRI portfolio) — full control, significant border market exposure</li> <li><strong>Independence Plaza - Laredo</strong> (347K SF) is the largest — anchor-driven retail hub</li> <li><strong>Sharyland Towne Crossing (Mission)</strong> at 365K SF is one of the largest TX properties</li> <li><strong>No GridWatch coverage</strong> for Brownsville or Mission — McAllen CC is covered via Granicus</li> <li><strong>Market risk:</strong> These properties are more sensitive to trade policy and immigration enforcement than other TX assets</li> <li><strong>Grocery anchors likely</strong> given market demographics — H-E-B is dominant border grocer</li> </ul> <h2>Sources</h2> <ul> <li>Limited public market research available for RGV/Laredo compared to major metros</li> <li>Census/ACS demographics to be pulled for trade area analysis</li> </ul>

<p><strong>Last updated:</strong> 2026-04-01 <strong>Kimco properties:</strong> 4 (Fiesta Trails, Stevens Ranch, Shoppes @ Wilderness Oaks, Westover Square) <strong>Related:</strong> The Rim (preferred equity position, not direct ownership)</p> <h2>Demographics</h2> <ul> <li><strong>MSA population:</strong> ~2.7M (2025)</li> <li><strong>Growth:</strong> Steady, top 15 nationally</li> <li><strong>Military presence:</strong> Joint Base San Antonio (Lackland, Randolph, Fort Sam Houston) — stable employment anchor</li> <li><strong>Key sectors:</strong> Military, healthcare, tourism (River Walk, Alamo), cybersecurity/IT</li> </ul> <h2>Retail Market</h2> <ul> <li><strong>Vacancy:</strong> 4.3% (Q3 2025) — near record lows, under 5% since mid-2021</li> <li><strong>Trend:</strong> Slight uptick but leasing activity steady; market remains healthy</li> <li><strong>Notable expansion:</strong> La Cantera adding Dolce &amp; Gabbana, Crate &amp; Barrel (late 2026) — luxury retail pushing north</li> <li><strong>Investment activity:</strong> 252 properties sold past year, avg $203/SF, 7.0% cap rate</li> <li><strong>Fundamentals:</strong> Low vacancy, consistent absorption driven by population growth, tourism, expanding suburban submarkets</li> </ul> <h2>Multifamily Market</h2> <ul> <li>Detailed 2026 data to be gathered</li> <li>San Antonio has historically had more moderate multifamily development than Austin or DFW</li> </ul> <h2>Edwards Aquifer Note</h2> <ul> <li>San Antonio sits atop the Edwards Aquifer recharge zone</li> <li>Development over recharge zones triggers additional TCEQ environmental requirements</li> <li>Impervious cover limits, water quality controls, and stormwater management requirements are stricter</li> <li><strong>This is a critical TX vs FL difference</strong> — no equivalent constraint in South Florida</li> </ul> <h2>Kimco-Specific Implications</h2> <ul> <li><strong>Fiesta Trails</strong> (362K SF) is the primary asset — multifamily planned on former theater parcel. Key redevelopment opportunity</li> <li><strong>The Rim</strong> — Kimco holds preferred equity, not a direct development play. $202.4M in loan repayments received Q4 2025 suggests this position may be winding down</li> <li><strong>Two properties show 0 GLA</strong> (Shoppes @ Wilderness Oaks, Westover Square) — may be land parcels or data gaps. Needs investigation</li> <li><strong>Stevens Ranch</strong> at 53% ownership — JV structure</li> <li><strong>Pape-Dawson Engineers</strong> is HQ'd in San Antonio — strong local civil engineering relationship candidate</li> <li>Edwards Aquifer constraints are unique to San Antonio among Kimco's TX markets — the civil engineering advisor spoke needs to understand this</li> </ul> <h2>Sources</h2> <ul> <li>Partners Real Estate SA Retail Q3 2025</li> <li>Crexi SA CRE Market Report 2026</li> <li>TenantBase March 2026 SA Spotlight</li> <li>San Antonio Report (oversupply analysis)</li> </ul>