PHOENIX-Retail vacancy and availability rates have dropped to their lowest since 2009, according to a Q3 2013 report by Voit Real Estate Services. Continued growth hinges upon Phoenix's ability to add more jobs and stabilize the economy.

“The Phoenix retail market's future is looking brighter as it continues to gain traction,” the report reads.

Additional numbers reported included nearly 1.4 million square feet of positive absorption this third quarter, making it the 10th consecutive quarter of gains.

Total vacancy emerged as a star with a rate just under 10.5%, versus the 11.9% reported during the same period last year. On average, the Airport submarket had the lowest vacancy rate, at 6.3%, and North Phoenix had the highest, at 12.6%. The single highest vacancy rate was in the Red Mountain/Mesa area, at 15.9%.

Despite the dropping vacancy and availability rates, average asking lease rates also continued to decline, down to $1.17 per square foot from $1.22 per square foot during Q3 2012. Average asking lease rates have dropped continually since 2009, when the average asking price was $1.44 per square foot.

Voit says lease rates are beginning to stabilize as vacancy rates continue to drop. “Look for rates to continue to level out and to increase incrementally in some submarkets in (the) coming quarter, as consumer spending increases,” the report notes.

Scottsdale asking lease rates came in the highest, at $1.82 per square foot, and North Phoenix space rents the lowest, at $1.01 per square foot.

By submarket, shopping centers emerged the weakest, with a 14.6% vacancy rate Valleywide and asking lease rates of $1.13 per square foot. Malls and power centers ranked the strongest, with a 6% vacancy rate in each, and the highest average asking lease rates at $1.78 per square foot. Specialty centers feature relatively low vacancy rates — 6.5% — but had the lowest asking lease rates at $1.01 per square foot.

Of six listed retail sales transactions during the third quarter, prices ranged from $141.25 per square foot at Bell Road and Thompson Peak Parkway in North Scottsdale to $608.12 per square foot at S. Arizona Avenue and Chandler Heights Road in Chandler. The average sales price of those listed was $359.24 per square foot.

Arizona's 8.3% unemployment rate for August partially clouded the sunny retail figures. Despite dipping to 7.8% in May 2013, unemployment rose back up to August 2012 numbers.

“Positive employment and overall economic stability will be needed to sustain further growth of the Phoenix retail market,” the reports says.