Phoenix Retail Space Availability Falls Below US for First Time in 15 Years

The Phoenix retail market has reached a significant turning point, with the share of available space for lease dropping to 4.6% in the third quarter, surpassing the 4.9% national level—the lowest in at least 15 years. Over the past decade, Phoenix consistently had a higher availability rate than the national average, but a historic run of outperformance has led to a substantial decrease in vacancy and availability, down by 340 basis points since the fourth quarter of 2019, the largest decline among the 50 largest retail markets in the U.S. Phoenix benefits from strong population growth, net migration, and purchasing power, fostering retail expansion and minimizing store closures. The market is expected to maintain tight conditions, with a forecasted flat vacancy rate in 2024, reflecting the area’s limited construction pipeline, a robust local economy, and strong demographic momentum.

Read more here

Interested in speaking with LevRose?


Let’s work together! Partnering with LevRose is easy. Simply fill out this form, including as much information as you can provide about your client and their needs.


Fill out this form to learn more about opportunities to join our team.