High Retailer Demand Fuels Phoenix Retail Market

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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