PHOENIX—When the recession was in full swing, one of the markets that took the biggest hit was Phoenix. Residential and commercial real estate were overbuilt in the market, and the retail sector became a casualty.
That's all changing now, as retailers are starting to expand into the market. Retail real estate vacancy rates in Phoenix are currently around 10.5% and expected to fall below 10% by the end of the year, explains Tyson Switzenberg, vice president and retail broker lead in Phoenix for JLL (RECon booth C1001). That's a marked improvement from two years ago, when they were around 13.5%.
“What we're seeing is a lot of relocations of underperforming stores to better real estate," says Switzenberg.
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