Downtown Phoenix Recovery Since Covid Stabilizes Over Past Year, Research Shows

Foot-traffic activity in downtown Phoenix has shown a modest increase of 3.5% from March 2023 to February 2024, ranking it 44th out of 64 North American markets surveyed. This stability is attributed to Phoenix’s gradual recovery from the COVID-19 pandemic. Despite this, downtown Phoenix is noted for its diverse offerings and ongoing development projects, including a forthcoming mixed-use project by Aspirant Development featuring a 44-floor residential tower and office space. While the office market in downtown Phoenix is still in recovery, other sectors such as retail and restaurants are thriving, supported by a growing daytime population and redevelopment efforts in both downtown and midtown areas. Despite challenges, downtown Phoenix continues to attract investment and development, buoyed by its multifaceted urban landscape and recent major events like the Super Bowl and Final Four.

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