By Steve Burks | AZBigMedia
The Arizona commercial real estate market has fared relatively well during the COVID-19 pandemic. Multifamily and industrial growth has continued in Arizona as the country struggles to emerge from the pandemic-caused economic slowdown. One market sector that was hit hardest by the pandemic shutdown was the retail sector. While Arizona hasn’t had it as bad as other markets across the country, retail property owners and users are definitely feeling the squeeze on their bottom line.
AZRE Magazine reached out to Phil Voorhees, vice chairman of the CBRE National Retail Group, to get his overview of the retail market as we hit the final quarter of 2020 and how long it might take for the retail market to recover.
