CBRE Research has released its Q2 2017 Phoenix Retail Market View and Q2 Phoenix Retail Big Box Report, and healthy levels of positive net absorption, steady big box leasing activity and a notable decline in the market-wide vacancy rate all point to a strong retail market in the second quarter of 2017.
“With steady job growth and a hot housing market, the Valley exhibits strong fundamentals that are key to fostering a healthy retail market,” said Todd Folger, first vice president with CBRE’s Phoenix office. “When a labor market strengthens, consumers spending climbs, and retailers gain the confidence to open or expand.”
Jami Savage-Gray, first vice president with CBRE’s Phoenix office adds, “Retail follows rooftops. The Valley looks attractive to new retailers and those looking to expand in the market because of our robust residential market.”