PHOENIX-The local retail real estate market started making arecovery this year and 2013 looks to be even stronger, according toDave Cheatham, managing principal at real estateservices firm Velocity Retail.
“In 2013, you're going to see all categories of retail get backinto the game of expanding,” he told GlobeSt.com. “I'm prettyexcited about 2013, probably more excited than I have been for fiveyears.”
The retail vacancy rate in Phoenix is currently at 12.1%,Cheatham says, and he claims that in the next 18 months it willdrop down to the single digits. This year's fourth quarter is thefifth one in a row with positive retail-leasing absorption. Thatcomes after 12 consecutive quarters of negative absorption thatbegan in Q4 2008.
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