During the past 15 years, grocery-anchored retail centers stand out in terms of garnering premium rents, achieving the highest occupancy levels, and generating consistent foot traffic as they provide the local community with daily needs, products, and services, James DeCremer, principal, Avison Young, tells GlobeSt.com.

"In the retail world, this asset type continues to be the gold standard for capital investment and tenants," DeCremer said.

He said that in the Phoenix market, while new development has been conservative over recent years, grocery-anchored centers lead the charge in terms of new projects and have been experiencing strong pre-leasing activity with top-of-market rents. Grocery stores including Sprouts, Fry's, Safeway, and Costco have been very active in expanding their locations in Phoenix over the past 24 to 36 months.