The Phoenix retail market has rebounded post-pandemic, driven by consumer demand, population growth, and technology sector development. The lowest vacancy rates in four decades have been recorded, with significant retailer demand and construction of new power centers in areas like Surprise, Buckeye, and east Mesa. Big box inventory is in high demand, with retailers retrofitting existing spaces. Leasing activity was strong in 2023, and retailers are embracing multi-platform strategies. Phoenix’s retail outlook for 2024 is optimistic, with continued growth expected despite economic and political factors.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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