Office, retail spaces struggle in Valley boom

By Lindsay Walker | Your Valley

As Arizona slowly-but-surely recovers from the devastating impacts of the coronavirus pandemic, so does its commercial real estate industry.

Phoenix continues to see immense population growth — thanks to its relatively low cost of living, weather and professional opportunities. But that doesn’t mean every sector has been immune to the pandemic. While the multifamily housing market is booming, the office space and retail sectors have taken heavy hits and will take longer to fully recover, if they do at all.

Rick Padelford, a certified commercial investment member and a commercial agent with Realty Executives, says “a lot of eyes are on Phoenix” right now. He estimates the Valley earned a net population of 83,000 people — a conservative estimate.


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