Phoenix Retail Market Posts Historic Low Vacancy

The Greater Phoenix retail market recorded a historic low vacancy rate of 4.8% in June, fueled by robust tenant demand in this rapidly growing city. Data shows Phoenix had a 16.5% surge in consumer spending since January 2020. Most city submarkets saw a drop in vacancies, except Downtown. The West Valley had the lowest vacancy at 1.8%, followed by Scottsdale at 3.6%. The second quarter saw the absorption of over 717,000 SF of retail space. New construction is concentrated in the East and West Valleys. Retail rental rates are increasing, with Scottsdale posting the highest rates. Retail investment sales went up by 64% during the quarter. The overall outlook remains positive due to thriving population growth and strong tenant demand, marked by an influx of new restaurants, especially quick-service establishments.

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