PHOENIX-A new study by CoStar reports that retail space demand in Phoenix has grown 2% thus far in 2013, the top rate in the country.
Salt Lake City came in at number two with a 1.3% increase in retail space demand, followed by Dallas, which posted a nearly 1.2% hike.
The overall vacancy rate for metro Phoenix retail space was a bit higher than 10% at the end of third quarter, according to the Arizona Republic. Velocity Retail Group forecasts the region's vacancy rate will fall into the single digits by early 2014, which would be the first time the rate is that low since 2008.
“All the markings are there for a healthy retail rebound,” CoStar's report says about the Phoenix retail market. See story in the Arizona Republic.
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