Vacancy rates for retail properties in Phoenix decreased to 5.1% in Q3 2023, marking the lowest ever recorded. Post-pandemic, there has been a surge in tenant demand, especially from grocery stores and fitness centers. These businesses are increasingly occupying larger spaces in malls and mixed-use developments, with rates surpassing pre-pandemic levels. Despite economic uncertainties, the retail leasing market in Phoenix has continued its robust growth. The third quarter witnessed a positive net absorption of 373,525 SF, the 12th consecutive quarter of positive growth.
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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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